The Last Major Change in the State's General Tax Policy

question 63

Multiple Choice

The last major change in the state's general tax policy occurred in 1961, when the legislature enacted the first

• A) severance tax.
• B) oil depletion allowance tax.
• C) sales tax.
• D) value added tax.
• E) personal income.

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Definitions:

Subcontracted

The process of assigning part of the obligations and tasks of a primary contract to another party or contractor.

Valid Liens

Legally enforceable claims or rights against property to secure the payment of a debt or obligation.

Conditional Sale Agreement

A contract for the sale of goods where the purchase price is paid in installments and the ownership of the goods does not pass to the buyer until certain conditions, usually the full payment of the purchase price, are met.

Personal Property Security Registry

A public database where security interests in personal property (assets other than real estate) are registered to establish priority of claims for creditors.