Okla. schools to lose $40 million in tax exemption

By: From Wire Reports
By: From Wire Reports

TULSA, Okla. (AP) - 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.

The Tulsa World reports that of the 254 centrally assessed corporations who could have qualified, 97 submitted exemption claims and 69 of those had their claims recognized.

Paula Ross, communications director for the tax commission, says revenue from those centrally assessed properties account for a significant portion of property tax revenue that benefits public schools and local governments, with 67.1 percent flowing to schools.

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