Gov. Fallin planning to pull horse sales tax exemption
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Gov. Fallin planning to pull horse sales tax exemption

August 25, 2019


LIVE TO EXPLAIN MORE. PATTY: RIGHT NOW, WHEN YOU BUY A HORSE YOU REALLY DO NOT HAVE TO PAY TAXES, BUT IF THE GOVERNOR’S PLAN IS APPROVED, THE TAX COULD GO UP MORE THAN 8% AND SOMETIMES SOME OF THESE HORSES ARE WORTH MORE THAN $1 MILLION.>>THEY ARE A HERE UNTIL THEY GO THROUGH THE SALE. PATTY: SHE IS THE EXECUTIVE DIRECTOR OF THE HORSE RACING ASSOCIATION. FOR OUR GEOGRAPHIC AREA, OKLAHOMA IS THE HEART OF HORSE COUNTRY. PATTY: IT IS WHAT KEEPS PLACES LIKE THE HERITAGE PLACE IN BUSINESS, SELLING 20 TO $25 MILLION WORTH OF HORSES EVERY YEAR. IF THE SALES TAX EXEMPTION GOES AWAY, SO WILL THIS BUSINESS.>>SHE IS TRYING TO FILL A $1.5 BILLION BUDGET GAP. THIS MEASURE WILL GENERATE $1.4 MILLION YEAR, BUT AT THE EXPENSE OF AN INDUSTRY THAT CREATES $3.6 BILLION A YEAR. PATTY: SHE SAYS THE HORSE SALES, JOBS COME UP BIG SHOWS AND MILLIONS THEY BRING IN WILL GO TO NEIGHBORING STATES WHERE HORSE SALES ARE NOT TAXED.>>YOU CANNOT TAX T INDUSTRIES THAT ARE ALREADY MAKING, GENERATING MORE TAX REVENUE THAN YOU ARE PROPOSING. PATTY: THEY HAVE PROMISED TO

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