Excerpt: The Tulsa City-County Library has cut more than $800,000 from its proposed operating budget for fiscal year 2013-14 after State Question 766, which passed last year, reduced the amount of property tax revenue entities such as the library system receive.
The state question exempts intangible personal property, such as trademarks, patents and customer lists, from ad valorem taxation.
The tax was previously paid by large businesses such as pipelines, railroads and airlines whose business property moves across county lines.
State Question No. 766 was approved by 65% of the voters.
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