SJR48 Summary

• Proposes adding a new Section 23c to Article X of the Oklahoma Constitution regarding legislative actions that reduce revenues or increase state expenditures.

• Requires the State Board of Equalization to certify an estimate of the maximum projected reduction in revenues or increase in state expenditures resulting from such legislation within one fiscal year.

• The estimated amount must be subtracted from the amount available for appropriation for the next fiscal year and deposited with the state retirement system having the greatest unfunded liability as a percentage of its assets.

• Creates a mechanism to tie fiscal consequences of new laws to pension fund contributions during the applicable fiscal year.

• Directs the Secretary of State to refer the proposed constitutional amendment to voters for approval or rejection.