Q: What are the primary arguments for and against SQ 766?
A: Opponents are concerned that passage could hurt the potential recipients of ad valorem taxes, including public schools and other public services. According to the opponents, this revenue could provide valuable funding in times when the state budget is tight. Opponents also worry that a reduction in taxes on intangible personal property could lead to an increase in taxes on physical property.
Supporters are concerned that failure of SQ 766 will adversely impact all businesses by creating a subjective tax, since intangible property does not easily lend itself to being valued. Supporters also are concerned about inconsistency of assessments, since the valuation is subjective, it could vary from county to county. Supporters counter that public schools do not presently receive any tax revenue from ad valorem taxes on intangible property from businesses subject to local assessment (currently paying the BAT). According to the supporters, the tax burden, combined with the uncertainty, could impact the state's ability to attract companies to Oklahoma.
PAULA BURKES, BUSINESS WRITER
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