LIVEWIRE | PAGE 3 Tax aids local schools
In 2014, TCEC members with service in Oklahoma contributed more than $1.8 million to local secondary schools through the state’s gross receipts tax. This two percent tax appears on electric bills under the ‘other taxes’ line item. The taxes are allocated based on the number of miles of electric line in the school district.
Te gross receipts tax directly benefits local schools in the cooperative’s service territory, with 95 percent of funds collected being distributed to them. Te remaining 5 percent goes toward the state’s administrative costs. Tis is yet another way electric cooperatives and their members support their local youth. See the chart on this page showing how the Oklahoma gross receipts tax collected in 2014 was allocated. Schools the cooperative serves in Kansas and Texas are not included because the tax is for the state of Oklahoma only.
TCEC pays gross receipts taxes to the Oklahoma Tax Commission every year. In 2014, the cooperative paid taxes on 5,121 miles of line, or $367.34 per mile of line. Zac Perkins, chief operating officer at TCEC, said the Oklahoma Tax Commission is responsible for allocating and distributing the funds to schools. Schools may use these funds in a variety of ways, but the local school boards have final say in how the money is spent.
“Cooperatives are pleased to pay this tax because it benefits our local schools,” Perkins said. “Tese funds help provide a better learning environment and education for our youth. While we may grumble about other taxes, we know this one directly benefits our rural communities.”
While not-for-profit electric cooperatives like TCEC are exempt from paying federal income tax, they do pay other taxes, including: fuel tax, state and federal unemployment tax, Social Security and Medicare. Of course, they also pay the gross receipts tax which is in lieu of the ad-valorem tax paid by for- profit utility companies. n
School Balko
Beaver
2014 OKLAHOMA GROSS RECEIPTS TAX ALLOCATION Dollars School $201,616 Hooker Keyes
Miles 549
282 $103,534
Boise City 644 $236,452 Optima Felt
Forgan
Goodwell Guymon Hardesty
200 189
244 667 251
$73,392 Straight
$69,599 Texhoma $89,682 Turpin $245,022 Tyrone
$92,248 Yarbrough Miles
184 238
FACILITY UPDATE
TCEC expects to be moved in its new headquarters this month or next. With this change, the board of trustees is accepting bids for the cooperative’s current office and warehouse in Hooker as well as some land north of Hough. To view the ads, visit www.
tcec.coop. For more information, call TCEC at 580-652-2418, ext. 855 to speak with Zac Perkins. n
For Sale in Hooker - 302 East Glaydas
TCEC is accepting sealed bids for its current office building at 302 East Glaydas in Hooker until August 18, 2015. Mail bids to James R. Fletcher, P.O. Box 627, Guymon, Oklahoma 73942. Board of Trustees will open bids at the August 21 board meeting. Property has been appraised for $312,500. Office will be available before the end of 2015. To schedule a viewing or ask questions, call 580-652-2418 ext. 855 to speak with Zac Perkins. TCEC reserves the right to refuse any and/or all bids.
For Sale in Hooker - Warehouse and Land
TCEC is accepting sealed bids for its warehouse and excess land on U.S. Highway 54 in Hooker until August 18, 2015. The main warehouse and shop is about 9,000 square feet. The site is about 3.5 acres. Outside the fence, approximately 9 acres are also included in the sale.
Dollars
382 $140,323 257
$94,240
68 $25,085 $67,545 $87,441
436 $160,022 93
$34,261 437 $160,696 TOTAL......................................................................... 5,121 $1,881,158 For Sale - Land North of Hough
TCEC is accepting sealed bids for a quarter of land north of Hough until August 18, 2015. Mail bids to James R. Fletcher, P.O. Box 627, Guymon, Oklahoma 73942. Board of Trustees will open bids at the August 21 board meeting.
Land Description: The Southwest Quarter (SW/4), Section Seventeen (17), Township Five (5) North, Range Fourteen (14) East, Cimarron Meridian, Texas County, Oklahoma.
Property has been appraised for $102,400 or $640 per acre. To ask questions, call 580-652-2418 ext. 855 to speak with Zac Perkins. TCEC reserves the right to refuse any and/or all bids.
Mail bids to James R. Fletcher, P.O. Box 627, Guymon, Oklahoma 73942. Board of Trustees will open bids at the August 21 board meeting. Property has been appraised for $325,000. Warehouse will be available before the end of 2015. To schedule a viewing or ask questions, call 580-652-2418 ext. 855 to speak with Zac Perkins. TCEC reserves the right to refuse any and/or all bids.
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