SB 1676 Summary

• Amends the Oklahoma Income Tax Act (68 O.S. 2011, Section 2352) to modify how income tax revenue is apportioned beginning July 1, 2012.

• Creates a trigger mechanism: When total deposits to the Ad Valorem Reimbursement Fund fall below $30,000,000 in a fiscal year, automatic adjustments redirect more revenue from the General Revenue Fund to the Ad Valorem Reimbursement Fund.

• For fiscal years 2013 and beyond, replaces fixed percentages with flexible percentages to be determined based on Ad Valorem Reimbursement Fund needs, subject to established apportionment requirements.

• Makes this legislation effective July 1, 2012, and declares an emergency clause for immediate enactment.