Bill > HJR1087

This joint resolution directs the Secretary of State to present a proposed amendment to the Oklahoma Constitution to the voters for their approval or rejection. The amendment aims to encourage manufacturing by exempting qualifying new or expanded manufacturing facilities from ad valorem taxes (property taxes) for five years. To address potential revenue losses for local governments and public services like schools and libraries, the Legislature will be required to establish specific methods and levels for reimbursing these entities. Furthermore, the amendment mandates that the value of these tax-exempt properties be included in the calculation of debt limits for political subdivisions, reflecting the level of reimbursement provided. The resolution also outlines the ballot title for this proposed amendment and schedules a special election for August 25, 2026, for the public to vote on it.