OK SB972

Amends gross production tax apportionment formulas under 68 O.S. 2001, Section 1004, effective July 1, 2002

Maintains existing percentage distributions to General Revenue Fund, County Highway Funds, and school districts for taxes on asphalt, ores, natural gas, and oil at various tax rates

Caps total annual deposits to education and infrastructure revolving funds (Common Education Technology, Higher Education Capital, Oklahoma Tuition Scholarship, Rural Economic Action Plan Water Projects, Tourism and Recreation, Conservation Commission, and Community Water Infrastructure funds) at $150,000,000

Directs excess revenues above the $150,000,000 cap to the General Revenue Fund, except for fiscal year ending June 30, 2011, when excess funds are allocated to the Ad Valorem Reimbursement Fund ($10,000,000), Higher Education Revolving Fund ($10,000,000), State Career-Technology Fund ($1,400,000), and General Revenue Fund

Declares an emergency effective upon passage and approval