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OK HB2569
Bill
Status
2/6/2012
Primary Sponsor
Harold Wright
Click for details
AI Summary
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Modifies 68 O.S. 2011, Section 2352 to increase the apportionment of income tax revenue to the Ad Valorem Reimbursement Fund from 1% to 1.5% for fiscal year 2013 and each fiscal year thereafter.
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Changes the baseline apportionment percentages for the General Revenue Fund beginning in FY 2013, reducing from 85.66% to 84.16% for subsection A revenues and from 77.50% to 76.0% for subsection C and D revenues.
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Maintains existing apportionment schedules for Education Reform Revolving Fund (8.34% and 16.5%) and Teachers' Retirement System Dedicated Revenue Revolving Fund (5.0% by FY 2008).
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Becomes effective July 1, 2012, with an emergency clause declaring immediate necessity for preservation of public peace, health and safety.
Legislative Description
Revenue and taxation; income tax revenue; Ad Valorem Reimbursement Fund; apportionment; effective date; emergency.
Revenue and Taxation
Last Action
Second Reading referred to Appropriations and Budget
2/7/2012