This measure amends Section 6A of Article 10 of the Oklahoma Constitution. At present that section exempts some intangible personal property from ad valorem property taxation. This measure would exempt all intangible personal property from ad valorem property taxation.
An ad valorem property tax is a tax imposed upon the value of property.
Intangible Personal Property is property whose value is not derived from its physical attributes, but rather from what it represents or evidences.
Intangible Personal Property which is still currently taxed but would not be taxed if the measure is adopted, includes items such as:
* patents, inventions, formulas, designs, and trade secrets;
* licenses, franchise, and contracts;
* land leases, mineral interests, and insurance policies;
* custom computer software; and
* trademarks, trade names and brand names.
If adopted, the measure would apply to property taxation starting with the tax year that begins on January 1, 2013.
SHALL THE PROPOSAL BE APPROVED?
FOR THE PROPOSAL YES
AGAINST THE PROPOSAL NO