OK HB1253

Amends 68 O.S. Section 2355.1B regarding apportionment of income tax revenues to the Teachers' Retirement System Dedicated Revenue Revolving Fund following income tax rate reductions.

Requires the State Board of Equalization to establish an initial baseline revenue amount apportioned to the Teachers' Retirement System fund based on the 12-month period following implementation of an income tax rate reduction.

Beginning in the sixth year after the baseline is determined, the Board shall annually review whether the baseline differs from the average annual amount apportioned over the prior five fiscal years.

Allows the Board to establish a new baseline equal to the five-year average annual amount if that average exceeds the initial baseline, and requires determination of the proportion attributable to each revenue source.

Becomes effective July 1, 2015.