Fred Morgan, president of the State Chamber of Oklahoma, which backed proposals to eliminate the intangibles tax and allow the Oklahoma Water Resources Board to issue bonds, said passage of both state questions should help both businesses and individuals in the state.
“We're very pleased,” he said. “Both of these are very important to the business community, but also to the people in general.”
State Rep. David Dank, House author of the state question to reduce the cap on annual property tax increases from 5 to 3 percent, said he was pleased with early election results.
“I am grateful to the voters of Oklahoma for their strong approval of this measure at the polls,” said Dank, R-Oklahoma City. “They understood clearly that this was sensible tax restraint, not a tax cut that would harm schools, counties or libraries. A recent report by the Tax Foundation listed Oklahoma as the eighth fastest growing state for property taxes, and the passage of 758 will slow that growth while maintaining adequate revenues.”
Dank said the vote is especially important to seniors and others on fixed or limited incomes.