What Intangible Property Should Be Exempt?
Chairman Mockler initiated the discussion of how the Subcommittee should proceed in identifying what intangible property ought to be exempt from ad valorem taxation. She indicated that one suggestion would be to exempt all intangible assets as a starting point for discussion purposes. The Subcommittee discussed the merits of exempting all intangibles. Mr. Bobby Rolston, Anadarko, expressed concern with defining each intangible and the potential of ending up in court if the list was not clear. Mr. Wade Hall, Department of Revenue, indicated that there was a very real possibility that the Department of Revenue would challenge certain requests by industry since the Department may take a more conservative view of the definitions than industry. Representative Anderson summarized one of the major concerns from the last meeting was the fact that certain intangibles may be taxed on properties assessed by the state and not on properties in the same class that are being assessed locally. The Sub
