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State Question 766

State Question No.:  766 View Full Text: PDF document  Legislative Referendum No. 363
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, ?1BALLOT 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: 

Re: State Question 766

  • Is this really a problem that needed solving. Can someone tell me what is really gained here?
  • The example that sticks out for me is mineral interests. I think that as a source of income it should be taxed.  Or is it just the "rights" that are taxed and not the income from production?
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