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Oklahoma measure advances to head off tax increase on businesses

Oklahoma measure advances to head off tax increase on businesses

Lawmakers pass measure to respond to state Supreme Court ruling that taxpayers should be paying ad valorem taxes on their intangible personal property.

NewsOK

BY MICHAEL MCNUTT
Published: May 22, 2010

Lawmakers passed a measure Friday that supporters said would prevent the largest tax increase in state history on potentially every taxpayer.

The House of Representatives after much debate passed Senate Joint Resolution 61, which would delay the implementation of an intangible property tax on businesses that stems from a state Supreme Court ruling last year.

The high court ruled in September that intangible property is taxable in Oklahoma. Intangible property may include copyrights, trademarks, patents, software, advertising, contracts and databases.

Local companies do not now pay ad valorem taxes on their intangible personal property. The Supreme Court ruling changes that... FULL ARTICLE

 

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