HB 3115 Summary

• Modifies the calculation of Foundation Program Income in Oklahoma's State Aid formula by changing the Gross Production Tax component from 75% to 85% of actual collections from the preceding fiscal year.

• Specifies that the 85% Gross Production Tax calculation is based on per capita distribution unit as provided by law for revenue distribution.

• Makes the act effective July 1, 2012, with an emergency clause allowing immediate implementation upon passage and approval.

• Amends 70 O.S. 2011, Section 18-200.1 to implement changes to how state educational funding is calculated for school districts.