OK SB738

Amends Oklahoma income tax revenue apportionment requirements under 68 O.S. Section 2352 to allow for reduced General Revenue Fund allocations when Ad Valorem Reimbursement Fund deposits fall below $35,000,000 annually.

Reduces General Revenue Fund apportionment from 85.66% to 84.66% and increases Ad Valorem Reimbursement Fund apportionment from 1% to 2% when the trigger threshold is met for fiscal years beginning July 1, 2015 and thereafter.

Provides similar adjustment mechanism for separate income tax revenue streams, reducing General Revenue Fund apportionment from 77.50% to 76.50% and increasing Ad Valorem Reimbursement Fund apportionment from 1% to 2% under equivalent conditions.

Adjustments apply only to the fiscal year following a year in which the specified fund deposits fall below the $35,000,000 threshold.

Effective July 1, 2015, with emergency clause declaring immediate necessity for public peace, health, and safety.