SB 472 Summary

• Amends Oklahoma gross production tax apportionment rules by adding a new subsection C requiring 5% of gross production tax collected under Section 1001(B) to be apportioned to the Revenue Replacement Endowment Fund effective July 1, 2017.

• Maintains existing apportionment percentages for state general revenue, county highway funds, and school districts across all tax rates on natural gas, oil, asphalt, and mineral ores.

• Caps total annual deposits to education technology, higher education capital, student aid, water projects, tourism, conservation, and water infrastructure revolving funds at $150,000,000, with excess amounts redirected to the General Revenue Fund.

• Bill becomes effective only upon voter approval of a proposed constitutional amendment adding Section 44 to Article X of the Oklahoma Constitution.