HB1261 Summary

• Amends 3A O.S. 2011, Section 713 to eliminate the requirement that net lottery proceeds equal a minimum percentage (35% or 30%) of gross proceeds from the Oklahoma Education Lottery.

• Removes language specifying that net proceeds must equal "at least thirty-five percent (35%) of the gross proceeds" for normal fiscal years and "at least thirty percent (30%) for the first two fiscal years" of Commission operation.

• All net proceeds continue to be transferred to the Oklahoma Education Lottery Trust Fund with no change to how those proceeds are allocated for education, higher education, and career technology education funding.

• Effective date set for July 1, 2013, with an emergency declaration allowing immediate implementation upon passage and approval.