S.J.Res.48

Oklahoma SJR48 proposes a constitutional amendment to limit reimbursement for lost revenue to counties and taxing jurisdictions due to manufacturing.

Oklahoma SJR48 proposes an amendment to Section 6B of Article X of the Oklahoma Constitution, modifying the five-year property tax exemption for new or expanded manufacturing facilities. The amendment limits reimbursement to counties and other taxing jurisdictions for lost revenue due to the exemption, applying only to acquisitions and continued operation of facilities. The amendment also mandates that the assessed valuation of exempt property be added to taxable property for computing the limit on indebtedness of political subdivisions.