OK SB972

Amends Oklahoma's gross production tax law to modify how tax revenues are apportioned among various state funds, county funds, and school districts for fiscal years beginning July 1, 2002.

Establishes a $150 million annual cap on deposits to education and infrastructure revolving funds (Common Education Technology, Higher Education Capital, Tuition Scholarship, Water Projects, Tourism and Recreation, Conservation Commission, and Community Water Infrastructure funds).

Directs excess revenues above the $150 million cap to the General Revenue Fund, with specific allocations for fiscal year 2011 including $10 million to Ad Valorem Reimbursement Fund, $10 million to Higher Education Revolving Fund, and $1.4 million to State Career-Technology Fund.

Maintains existing distribution percentages for county highway funds and school district education funding based on production value and average daily attendance per capita.

Declares an emergency effective upon passage and approval.