OKLAHOMA CITY (AP) — The Oklahoma Senate on Wednesday approved a $6.8 billion budget proposal to fund state government over the objections of members who say it relies too much on one-time sources of revenue that won’t be available the following year. The Senate voted 30-16 for the budget bill and sent it to the House, where there is bipartisan ...

OKLAHOMA CITY (AP) — The Oklahoma House has voted to cap a tax incentive for oil and natural gas wells. The House voted 93-2 for the measure Thursday and sent it to the Senate. The measure caps a tax credit for so-called “at-risk” wells because they produce little profit. It allows producers to recoup nearly all of the taxes paid ...

OKLAHOMA CITY (AP) — Almost halfway through the 2016 legislative session, Oklahoma lawmakers are still not sure how to resolve the most critical issue they face — closing an estimated $1.3 billion hole in the state budget for the coming year. Should they abolish tax credit programs enacted to lure new businesses to the state, or authorize deep cuts to ...

OKLAHOMA CITY (AP) — Oklahoma’s overcrowded prison system and stretched public school districts will receive $78 million from the state’s Rainy Day Fund under an emergency agreement among state Republicans leaders aimed at plugging a huge budget hole this fiscal year. It is the second consecutive year Oklahoma has tapped the fund reserved for extraordinary situations and follows a collapse ...

OKLAHOMA CITY (AP) — Oklahoma will slash spending across the board by 7 percent for the remaining four months of the fiscal year to cope with a sharp drop in oil and natural gas prices that has hurt state revenue, and a top education official said the cuts will force many rural school districts to reduce classes to four days ...

OKLAHOMA CITY (AP) — Oklahoma finance officials say the hole in next year’s budget has increased to $1.3 billion, or nearly 20 percent of last year’s spending, amid depressed oil prices. The Office of Management and Enterprise Services announced Thursday that plunging revenue collections have widened the shortfall from the original projection of $900 million in December. A state panel ...