HB 1682 Summary

• Creates the Securing Educational Excellence Fund beginning fiscal year 2018 or when Rebuilding Oklahoma Access and Driver Safety Fund reaches $575 million, whichever occurs first, with initial apportionment of $59.7 million plus previous year amounts, up to $600 million total annually.

• Apportions income tax revenue that would otherwise go to the General Revenue Fund to the Securing Educational Excellence Fund, with monthly distributions and provisions for additional apportionments based on General Revenue Fund growth of 1% or greater.

• Requires funds be distributed through State Aid formula to increase per-pupil expenditure and prohibits use of funds to supplant or replace existing state education funding, with State Board of Equalization oversight and legislative replenishment requirements if supplanting occurs.

• Adds one additional instructional day to school year for each fiscal year apportionments reach $120 million, $240 million, $360 million, $480 million, and $600 million thresholds respectively.

• Effective July 1, 2015, with emergency clause allowing immediate implementation upon passage.