Greater Oklahoma City Chamber - Letís make intangible taxes tangible for you

Letís make intangible taxes tangible for you

Posted by: Roy Williams on Monday, October 1, 2012 at 12:00:00 am

On Nov. 6, we will head to the polls to vote on a number of offices. In addition to the offices being elected will be six State Questions, and thereís one in particular that we all need to thoroughly understand Ė State Question 766. The more you learn about it, the clearer the need becomes to vote YES to exempt intangible personal property from the stateís ad valorem tax.

Failing to pass this measure will result in a significant tax increase and would negatively affect every Oklahoma business and individual.

Vote YES on State Question 766 to prevent things we cannot see, touch or hold from being taxed. If we donít pass State Question 766, all of the following things could, be taxed:

  • Copyrights, trademarks & patents
  • Good will
  • Computer software
  • Academic degrees and marriage licenses
  • And more

Whatís equally concerning is that individual counties would have the authority to determine how much each intangible property item is worth, creating a confusing system for companies with locations across the state fields.

It is critical that we pass State Question 766. Not doing so would not only cost all Oklahomans more money but also set back our economic growth, hindering us from competing with other states for high-paying jobs.

On Nov. 6, please join me in voting YES for ourselves, our businesses, our economy and State Question 766.

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