Penny unwise: School tax position could repel growth
EDUCATION funding is often touted as an investment in future economic growth. We agree. However, some education officials appear determined to gain school funding at the expense of economic growth both today and in the future.
NewsOK Related Articles
At a recent legislative hearing, Oklahoma State School Boards Association Executive Director Jeff Mills claimed school funding will be cut if two state questions pass this fall. One of those ballot measures would limit the growth of property valuations to 3 percent. That isn't a cut, just a slower rate of growth.
The other measure, State Question 766, would exempt intangible personal property from ad valorem taxation. For the most part, this means that items like advertising campaigns and trademarks — which have never been taxed — will remain untaxed. That's not a funding cut either.
SQ 766 does repeal some existing taxation of intangible assets now assessed through the state Board of Equalization, which could have a $42 million impact on school funding. But that amount will likely be offset by standard growth in annual property tax collections. K-12 education funding alone has increased as much as $56 million in a single year through growth in ad valorem collections.
Voices Photo Galleriesview all
- 17700Oklahoma weather: Crews work to clear storm damage in Oklahoma City as the state braces for severe weather Sunday.
- 8160OKC Thunder: Thunder trio praise fans before potential departures
- 6156Student shot dead during botched home invasion
- 6118Oklahoma Severe Storm Updates
- 5947OKC Thunder GM Sam Presti won't amnesty Kendrick Perkins
- 4682Oklahoma medical examiner reports cause of deaths in Grand Lake boat crash
- 4603Oklahoma State football: Todd Monken thinks Wes Lunt should've stayed in Stillwater