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Property Tax Question Passes State Senate (May 22, 2012)

OKLAHOMA CITY (AP) - Oklahoma voters would decide whether to abolish property taxes on intangible personal property under a bill approved in the Senate.

The Senate voted 31-14 Tuesday for the resolution that would prohibit the state from imposing a property tax on things like trademarks, copyrights, or membership or client lists. Several Democrats opposed the bill, arguing it would eliminate roughly $50 million in funding for counties and public schools.

The measure heads to the House for a vote. If approved, it will be placed on the November ballot for a public vote.

The bill is being pushed by The State Chamber, an association of business and industry, in response to a Supreme Court ruling two years ago that intangible property was subject to local assessment.

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