Tulsa Public Schools Stand To Lose Over $2 Million Due To SQ 766 Passage

Friday, November 9th 2012, 11:13 pm
By: Emory Bryan

Tulsa Public Schools says the district will lose $2.6 million in state tax money, because of the passage of State Question 766.

The measure eliminates intangible property taxes in Oklahoma.

While it takes away the prospect of new, as of yet uncollected taxes, it also eliminated a stream of revenue that primarily supports public schools. The tax currently collected is mostly paid mostly by large companies, but a court decision opened the door to a long list of new taxes on individuals.

TPS Chief Financial Officer Trish Williams said the statewide impact will be $32.5 million dollars.

Broken Arrow Schools reported their expected losses would be $700,000.

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