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OK SB2152
Bill
AI Summary
SB 2152 Summary
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Modifies apportionment of gross production tax revenues by dedicating 5% to the Revenue Replacement Endowment Fund when Oklahoma natural gas average annual price exceeds $10 per thousand cubic feet.
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Creates Revenue Replacement Endowment Fund to be invested by State Treasurer with income and investment returns accruing to principal, except investments in state/local government obligations limited to 5% of available cash.
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Establishes Revenue Replacement Revolving Fund beginning July 1, 2025, funded by transferring 4% of Endowment Fund balance annually for state government operations with same budgeting as General Revenue Fund.
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Limits Revenue Replacement Revolving Fund expenditures for debt service to maximum 5% of fund monies.
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Effective July 1, 2010, with emergency clause declaring immediate necessity.
Legislative Description
Revenue and taxation; modifying apportionment of gross production taxes; creating Revenue Replacement Endowment Fund; providing for investment of Endowment Fund; creating Revenue Replacement Revolving Fund; requiring State Board of Equalization to make certain certification. Emergency.
Revenue and Taxation
Last Action
Pending authorship Representative(s) Benge
2/15/2010