The Norman Transcript

Election Coverage

September 15, 2012

State Question 766 becoming hot-button issue

(Continued)

NORMAN —

Siano said SQ 766 and the proposed 3 percent cap in SQ 758 create a cumulative effect of reduced revenue at a time when revenue is short.

“It’s certainly a revenue reduction in the way we currently tax, and it’s unpredictable in the future,” Siano said.

The Oklahoma Policy Institute is a nonprofit organization with a mission to promote “adequate, fair, and fiscally responsible funding of public services and expanded opportunity for all Oklahomans by providing timely and credible information, analysis, and ideas.”

The institute, in a blog post by tax specialist Michelle Cantrell says, “SQ 766 has widespread implications that could drain tens of millions of dollars from schools, fire and police protection, and other vital services, while potentially boosting homeowners’ property taxes.”

Cantrell said that SQ 766 could cost local governments as much as $50 million in property tax revenue, the majority of which supports schools.

“As our economy has become more service- and technology-oriented, the value of a company is increasingly based upon intangible assets,” Cantrell writes in her blog post. “In 1975, intangible assets comprised around 2 percent of the net asset book value of S&P 500 companies; by 2005, it was over 40 percent, and the trend is likely to continue. If SQ 766 passes, Oklahoma will find itself increasingly limited in its ability to tax properties.”

 

The impact if approved

Passing the measure could create a loophole for some public service businesses, Tinsley said

“If it passes, what we feel will occur is the big companies will turn in less public service because that’s intangibles,” he said. “The assessors believe we will see a drop in public service (taxes).”

The Oklahoma Tax commission assesses public service companies.

“The state values that,” he said.

Rural counties likely will feel the greatest impact.

“The bigger counties are not going to be hurt,” Tinsley said. “In some counties, 60 percent of their revenue is in public service because they don’t have a big market as far as business tax.”

Joy Hampton 366-3539 jhampton@ normantranscript.com

 

Text Only | Photo Reprints
Election Coverage
  • Election logo.jpg Editor’s note

    Look here for an ongoing series of stories exploring the six state questions and the local candidate races on the Nov. 6 ballot. Additional stories will be coming weekly until the election.

    September 28, 2012 1 Photo

  • Stiles, Aaron.jpg Stiles retains seat by 18 votes; provisional ballots still in play

    Incumbent House member Aaron Stiles will retain his east Norman seat, according to complete, but unofficial returns from state House District 45 showed early today.

    November 7, 2012 1 Photo

  • Warren 2012 Americans face prospect of status quo Congress

    A barrage of negative ads, more than $2 billion in spending and endless campaign stops all come down to this: Americans likely will ...

    November 7, 2012 1 Photo

  • Voters must show ID

    Oklahoma’s proof of identity law was approved by voters in 2010. It passed with 74 percent of votes cast. The law requires every voter who votes in person at the precinct polling place or during early voting at the Cleveland County ...

    November 5, 2012

  • EarlyVote3 Review of state questions

    What does a ‘yes,’ ‘no’ vote mean? With six state questions on the ballot, voters will have a lot of information to remember when they enter the polls. In an effort to inform and educate voters on the upcoming elections, The Transcript has ...

    November 5, 2012 1 Photo

  • Election day Tuesday

    Polls will be open from 7 a.m. to 7 p.m. on Tuesday for the General Election. Jim Williams, Secretary of the Cleveland County Election Board, offered voters some tips on how to make votes count....

    November 3, 2012

  • Election logo.jpg Early voting starts today

    Early voting starts at 8 a.m. today at the Cleveland County Election Board, 641 E. Robinson St., Suite 200 in Norman. Because this is a federal as well as state and local election, office hours are extended until 6 p.m. today for anyone ...

    November 2, 2012 1 Photo

  • Chamber apologizes for sending Switzer letter

    Couple says they didn’t authorize, sign off on letter A letter to the editor supporting State Question 766 — purportedly written by Barry and Becky Switzer of Norman — was not authorized by them and should not have been published in ...

    November 1, 2012

  • Two in county sheriff’s race

    There was some early confusion over whether Oklahoma Republican Rep. Mike Reynolds was running for Cleveland County Sheriff because he shares the same name with a Moore business owner....

    November 1, 2012

  • ID required to vote in election

    Oklahoma’s proof of identity law was approved by voters in 2010. It passed with 74 percent of votes cast. The law requires every voter who votes in person at the precinct polling place or during early voting at the County Election Board to ...

    November 1, 2012