The $50 Million Dollar Ballot Question
Look for it when you head into the voting booth. The $50 million ballot question, state question 766.
"So what this does is it will exempt permanently all intangibles taxes from the state of Oklahoma," said Nick Doctor with the Tulsa Chamber of Commerce.
Who's affected by an intangible tax?
"I think it's a situation where I will vote positive," said entrepreneur Jim Welsh.
He's an example of a businessman who could benefit. His product?
"A revolutionary patented air-cooled hard hat," says his promotional video.
Notice that word patented. Patents are currently taxable, but that would end under 766.
"For businesses you want to attract as much business to the state as we can. That's jobs and incomes, and a good thing for the state," he said.
"A yes vote means that corporations get a tax cut that homeowners are going to have to absorb," said Melissa Abdo of Tulsa Area PLAC.
She's on the no side, and worried about the millions that would disappear for public education.
"$32 million dollars, $10 million to career tech and then the rest to libraries," she said.
To make up that $50 million gap, homeowners may have to pony up.
"There is the potential that there could be an increase in our property taxes, so it's a mixed blessing," said Welsh.
But for Melissa, there's nothing mixed about it.
"I mean the math just doesn't add up, it's common sense. We're taking $50 million dollars away. Where are we going to make that up?," said Abdo.