SB122 Summary

• Amends gross production tax apportionment provisions in 68 O.S. 2001, Section 1004 to change the effective date from "ending June 30, 2014" to "beginning July 1, 2014" for distributions to the Oklahoma Water Resources Board Rural Economic Action Plan Water Projects Fund.

• Maintains existing revenue distribution percentages for oil and natural gas taxes across multiple state funds including education technology, higher education capital, tuition scholarship, county highway, bridge improvement, and infrastructure development revolving funds.

• Preserves the $150,000,000 annual cap on total deposits to these special revolving funds, with excess amounts directed to the General Revenue Fund.

• Becomes effective November 1, 2011.