OK HB1115

Amends 68 O.S. Section 2355.1B to clarify language regarding income tax revenue apportionment to the Teachers' Retirement System Dedicated Revenue Revolving Fund by replacing references to "Title 68 of the Oklahoma Statutes" with "this title"

Requires the State Board of Equalization to determine an initial baseline amount of revenue apportioned to the Teachers' Retirement System fund based on the most recent 12 months following implementation of an income tax rate reduction

Beginning in the sixth year after establishing the baseline, the Board must annually review whether the baseline differs from the average annual amount over the prior five fiscal years, with provisions to adjust the baseline if necessary

Directs the Board to determine the proportion of the baseline amount attributable to each revenue source when a baseline amount is established

Effective date: November 1, 2009