SB 1625 Summary

• Amends 68 O.S. 2011, Section 2352 regarding apportionment of Oklahoma income tax revenue to various state funds

• Modifies income tax apportionment percentages beginning July 1, 2015, making them subject to determination based on Ad Valorem Reimbursement Fund deposits rather than fixed percentages

• Establishes automatic adjustment mechanism: if Ad Valorem Reimbursement Fund deposits fall below $30 million in a fiscal year, reduces General Revenue Fund apportionment by 1% and increases Ad Valorem Reimbursement Fund apportionment by 1% for the following year

• Applies adjustment provisions separately to two income tax revenue streams under paragraphs 1 and 2 of existing apportionment rules

• Takes effect July 1, 2014 with an emergency declaration for immediate implementation