Senate Bill 648 Summary

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

• Modifies apportionment percentages of income tax revenue to the General Revenue Fund for fiscal years 2008-2013, establishing 85.66% allocation with provisions for adjustment in FY 2014 and beyond

• Creates conditional apportionment mechanism whereby if Ad Valorem Reimbursement Fund deposits fall below $30 million in a fiscal year, General Revenue Fund allocation is reduced by 1% and Ad Valorem Reimbursement Fund allocation is increased by 1% for the following year

• Applies similar adjustment provisions to revenues from subsections C and D of Section 2355, affecting Education Reform Revolving Fund distributions starting in FY 2013

• Effective July 1, 2013 with emergency declaration for immediate implementation