“We need job growth and investment to move the economy,” Doctor said. “This is putting the brakes on.”

Mazzei said projects already underway would not be affected, although the bill’s language does not seem to make that clear.

He noted the bill is one of many that attempts to tighten the state’s revenue and spending system as it faces a general revenue shortfall likely to exceed $1 billion.

“At this point, we are trying to not show any favoritism and just look at everything as we try to get a handle on the cost of all of these tax credit programs,” Mazzei said.

The fiscal impact study said suspending the historic preservation credit would save the state $1.1 million in fiscal year 2017 and $2.1 million the following year. Investors say the credit has been important to the restoration of many downtown Tulsa buildings.

The impact of two aerospace engineering programs is put at $200,000 in fiscal year 2017 and $400,000 the following year. Mazzei carried the legislation originally creating the credits.

The fiscal impact study lists zero impact for suspending the new jobs credit, but a 2013 Oklahoma Tax Commission report said almost $100 million was claimed through the program the previous year. The footnotes to the impact study say the program has “significant carryover,” meaning previously earned credits would offset any immediate savings from suspending the program.

World Capitol Bureau Writer Barbara Hoberock contributed to this story. Randy Krehbiel 918-581-8365 randy.krehbiel@tulsaworld.com

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