Oklahoma Taxes for Economic Development, State Question 707 (2004)

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The Oklahoma Taxes for Economic Development Amendment, also known as State Question 707, was on the November 2, 2004 ballot in Oklahoma as a legislatively-referred constitutional amendment, where it was approved. The measure allowed cities and counties to authorize the use of certain tax money for economic development and redevelopment.[1]

Election results

Oklahoma State Question 707 (2004)
ResultVotesPercentage
Approveda Yes 709,795 51.28%
No674,47048.72%

Election results via: Oklahoma Secretary of State

Text of measure

Ballot title

The official ballot title appeared as:[2]

This measure amends Section 6C of Article 10 of the Oklahoma Constitution. The amendment deals with the use of certain city, town and county taxes and fees. When authorized by law, cities, towns or counties can put these taxes and fees to use in three ways. The first use is specific public investments. The second use is aid in development financing. The third use is an income source for other public bodies in the area.

The Legislature can authorize cities, towns and counties to direct the apportionment of these fees and taxes among or between these uses. The amendment allows these apportionments to be prospective. The amendment permits these apportionments to continue from year to year.

The amendment permits cities, towns and counties to pledge taxes and fees beyond the current fiscal year.

The amendment permits cities, towns and counties to pledge taxes and fees to repay the debts of other public entities. [3]

Full text

The full text of the measure can be read here.

Background

Some 42 states use TIF financing as a means to entice business decision makers to move into certain designated areas of a community to invest, make improvements and provide jobs. Tax increment financing would permit cities, towns and counties to pledge future tax increments to the repayment of debt such as bonds financing over several years. Bonds are pledged and paid off by the incremental rising of ad valorem property taxes that increase each year due to redevelopment and increased jobs generated. As a result, TIF funds are being plowed back into the TIF district for public improvements, including roads, sewers, sidewalks and lighting.[4]

See also

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References


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