OKLAHOMA CITY—The State Chamber of Oklahoma has announced that Gov. Mary Fallin will serve as honorary chair of a coalition supporting passage of State Question 766. More than 50 trade associations, grassroots organizations, local chambers of commerce and other civic groups from across the state endorse SQ 766. The coalition represents a broad-spectrum of interests and ideologies ranging from the Oklahoma Conservative Political Action Committee to the American Federation of Labor.
A ‘Yes’ vote on SQ 766 will keep Oklahomans’ intangible personal property—which cannot be seen, touched or held—free from taxation. SQ 766 is needed to reverse a state Supreme Court ruling which makes all intangible personal property in the state subject to taxation.
“This is an issue that impacts every single Oklahoman,” said State Chamber President Fred Morgan, who is chairman of the ‘Yes on 766’ campaign. “Our state’s taxation policies should not be dictated by judicial fiat. We encourage every Oklahoman to vote yes to overturn this court decision and prevent the largest tax increase in state history.”
Passage of SQ 766 protects Oklahoma families and businesses from a variety of new taxes on intangible property such as goodwill, customer lists and relationships, databases, patented technology, trademarks and brand names, pensions, retirement benefits and professional licenses like teaching certificates and nursing licenses. If voters do not overturn the court’s ruling, Oklahoma would be virtually alone in taxing these types of property.
“Our state has fared better throughout the recession that most others, and it is critical that we keep that economic momentum going,” said Gov. Mary Fallin, who has been named honorary chairwoman of the ‘Yes on 766’ campaign. “If this court decision is allowed to stand, it will negatively impact our state’s ability to grow and create jobs. Now is a time when we need to be encouraging expansion and relocation, not hindering it.
“I’m proud to stand with this broad coalition to ask Oklahomans for an important ‘Yes’ vote this November,” said Gov. Fallin. “I’m asking the voters to approve SQ 766 because doing so is vital to our state’s continued economic growth and vitality.”