Approval of State Question 744 would be a debilitating blow to businesses and industry in Oklahoma.
With no dedicated funding mechanism to support an increase in education spending, state leaders would be forced to increase taxes and fees on businesses and industry working in Oklahoma in order to meet the estimated $1 billion in new spending needed to reach the regional average for common education funding. Doing so would hamper our state’s ability to grow existing business and recruit new companies and more jobs to our state.
At risk are long-standing tax provisions for the oil and natural gas industries that are designed to encourage investment in our state’s vibrant oil and natural gas fields. Losing those provisions, which are similar to tax provisions in place in neighboring states, would send Oklahoma drilling rigs and the jobs that support them into Texas, New Mexico, Colorado and Kansas — the same states SQ 744 wants to base our education spending on.