Gov. Mary Fallin ran on a platform of making Oklahoma "business friendly." I guess this is what she meant:
"...The Oklahoma Tax Commission initially estimated the new tax break for more than 250 companies centrally assessed by the state, including AT&T, Cox Communications, American Airlines, and various utility and railroad companies, at $50 million. But more recent estimates indicate the actual figure could exceed $100 million.
“We believe the estimate given by the Tax Commission last year when the voters were voting on State Question 766 to be grossly underestimated,” Steven Crawford, executive director of the Cooperative Council for Oklahoma School Administration, told the Tulsa World (Oklahoma schools fear steep drop in tax revenue from last fall's amendment on intangible property | Tulsa World)
“Corporations got a huge tax break - a $100 million tax break on the backs of children.”…."
http://www.durantdemocrat.com/view/...schools-fear-loss-of-intangible-property-tax?
Before the vote, the Tax Commission estimated the revenue loss at $50 million. Now that the measure passed and it's time to pay the piper, they say, "Oh. Sorry. Gee whiz... it's more like twice that!"
Here's the actual question, as it appeared on the ballot last November. See any indication that it amounted to a back-door corporate tax relief measure?
RESOLUTION OR BILL NUMBER:
SJR 52
CITATION:
Amends Section 6A of Article 10
SUBJECT:
Exempts all intangible personal property from ad valorem taxation
ELECTION DATE:
Next General Election, November 6, 2012
OKLA. CONST. Art. 24, §1
BALLOT TITLE:
This measure amends Section 6A of Article 10 of the Oklahoma Constitution. At present that section exempts some intangible personal property from ad valorem property taxation. This measure would exempt all intangible personal property from ad valorem property taxation.
An ad valorem property tax is a tax imposed upon the value of property.
Intangible Personal Property is property whose value is not derived from its physical attributes, but rather from what it represents or evidences.
Intangible Personal Property which is still currently taxed but would not be taxed if the measure is adopted, includes items such as:
o patents, inventions, formulas, designs, and trade secrets;
o licenses, franchise, and contracts;
o land leases, mineral interests, and insurance policies;
o custom computer software; and
o trademarks, trade names and brand names.
If adopted, the measure would apply to property taxation starting with the tax year that begins on January 1, 2013:
SHALL THE PROPOSAL BE APPROVED?
FOR THE PROPOSAL
Yes:**__________
AGAINST THE PROPOSAL
No:**__________
And, as usual with the GOP, it's education which will pay the price for this corporate give-away.
"...The Oklahoma Tax Commission initially estimated the new tax break for more than 250 companies centrally assessed by the state, including AT&T, Cox Communications, American Airlines, and various utility and railroad companies, at $50 million. But more recent estimates indicate the actual figure could exceed $100 million.
“We believe the estimate given by the Tax Commission last year when the voters were voting on State Question 766 to be grossly underestimated,” Steven Crawford, executive director of the Cooperative Council for Oklahoma School Administration, told the Tulsa World (Oklahoma schools fear steep drop in tax revenue from last fall's amendment on intangible property | Tulsa World)
“Corporations got a huge tax break - a $100 million tax break on the backs of children.”…."
http://www.durantdemocrat.com/view/...schools-fear-loss-of-intangible-property-tax?
Before the vote, the Tax Commission estimated the revenue loss at $50 million. Now that the measure passed and it's time to pay the piper, they say, "Oh. Sorry. Gee whiz... it's more like twice that!"
Here's the actual question, as it appeared on the ballot last November. See any indication that it amounted to a back-door corporate tax relief measure?
RESOLUTION OR BILL NUMBER:
SJR 52
CITATION:
Amends Section 6A of Article 10
SUBJECT:
Exempts all intangible personal property from ad valorem taxation
ELECTION DATE:
Next General Election, November 6, 2012
OKLA. CONST. Art. 24, §1
BALLOT TITLE:
This measure amends Section 6A of Article 10 of the Oklahoma Constitution. At present that section exempts some intangible personal property from ad valorem property taxation. This measure would exempt all intangible personal property from ad valorem property taxation.
An ad valorem property tax is a tax imposed upon the value of property.
Intangible Personal Property is property whose value is not derived from its physical attributes, but rather from what it represents or evidences.
Intangible Personal Property which is still currently taxed but would not be taxed if the measure is adopted, includes items such as:
o patents, inventions, formulas, designs, and trade secrets;
o licenses, franchise, and contracts;
o land leases, mineral interests, and insurance policies;
o custom computer software; and
o trademarks, trade names and brand names.
If adopted, the measure would apply to property taxation starting with the tax year that begins on January 1, 2013:
SHALL THE PROPOSAL BE APPROVED?
FOR THE PROPOSAL
Yes:**__________
AGAINST THE PROPOSAL
No:**__________
And, as usual with the GOP, it's education which will pay the price for this corporate give-away.
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