$8.3 billion budget deal reached

Oklahoma Gov. Kevin Stitt and Republican leaders in the House and Senate have reached a deal on an $8.3 billion spending plan for the upcoming fiscal year. 

The agreement announced Thursday will include cuts to corporate and top individual income tax rates. 

The deal also restores the refundability of the earned income tax credit, a move designed to help low-income Oklahomans. 

This year’s budget was aided by a massive influx of federal COVID-relief funds. 

Democrats say they’re concerned about what will happen once that money is gone and revenue shrinks in upcoming years because of the tax cuts.