A message from the OLA Legislative Liaison Oliver Delaney this week urges Oklahoma librarians to contact their legislators IMMEDIATELY concerning the impact of HB 1715 which clarifies what types of oil exploration and production equipment is exempt property from taxes.
His message: "Please do not give up on HB 1715. Just a few phone calls, and e-mails, and a letter or two will help you greatly. Thursday is THE deadline. DO IT TODAY!"
The following information was provided on April 22, 2005 by Kenny Chuculate, Deputy Director of the Ad Valorem Division of the Oklahoma Tax Commission:
The central issue is what equipment will be exempt from ad valorem taxation. Some equipment is now exempt from gross production taxation. Will this same equipment, in addition to other equipment, be exempt from ad valorem taxation?
HB 1715 goes farther than Oklahoma Tax Commission rules in providing exemptions.
Estimates of the reduction in tax revenue vary from $10 million to $80 million.
The Oklahoma Tax Commission estimates approximately 1.87% reduction in ad valorem tax revenue for county libraries if HB 1715 is enacted.
Wednesday, April 27, 2005
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