State Question 766

a school classroom with empty chairs
comedy_nose / Flickr Creative Commons

The Oklahoma Tax Commission says Oklahoma public schools stand to lose about $40 million this year because of new tax exemptions that have primarily benefited telecommunications companies, utilities and railroads.

Passed by Oklahoma voters in 2012, State Question 766 extended the intangible property tax exemption that locally assessed companies enjoyed previously to centrally assessed corporations.

State Question 766 passed in November 2012, and eliminated the tax on intangible property: business licenses, trade secrets, company logos, things with value beyond their physical traits. Five months later, a new estimate predicts the impact could be double that, and administrators are wondering what it means for their districts.