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OK SB635

Bill

Official Source

Status

Introduced

2/7/2011

Primary Sponsor

Scott Martin

Click for details

Origin

Senate

2011 Regular Session

AI Summary

  • Amends the gross production tax apportionment in 68 O.S. Section 1004 to require 5% of certain natural gas and oil taxes be deposited into the Revenue Replacement Endowment Fund beginning July 1, 2013.

  • Requires 5% of funds transferred from the Revenue Replacement Endowment Fund annually be deposited into the Sustaining Oklahoma's Energy Resources Revolving Fund (52 O.S. Section 288.5B).

  • Effective contingent upon voter approval of a proposed constitutional amendment (Section 44 of Article X) creating the Revenue Replacement Endowment Fund.

Legislative Description

Endowment for state government; modifying apportionment; depositing funds. Codification. Contingency.

Government

Last Action

Referred to Appropriations

2/28/2011

Committee Referrals

Appropriations2/28/2011
Finance2/8/2011

Full Bill Text

No bill text available