OK HB3032

Amends Oklahoma gross production tax apportionment beginning July 1, 2015, creating a moving three-year average calculation for both natural gas and oil revenues to determine baseline General Revenue Fund deposits.

Establishes the Energy Revenue Stabilization Fund to receive any gross production tax revenues exceeding the moving three-year average amounts for both oil and natural gas.

Modifies tax apportionment percentages for natural gas and oil at various tax rates (1%, 4%, and 7%), redirecting excess revenues above three-year averages to the stabilization fund instead of other designated funds.

Requires the Oklahoma Tax Commission to report the calculated moving three-year average amounts for both oil and natural gas to the Governor and legislative leaders by January 31 each year, with first report due January 31, 2010.

Specifies that monies in the Energy Revenue Stabilization Fund are subject to legislative appropriation based on declines in gross production tax revenues and shall be invested like other state funds with interest earnings becoming part of the fund balance.