OK SB741

Creates the "Ad Valorem Reimbursement Fund" as a continuing revolving fund in the State Treasury managed by the Oklahoma Tax Commission to reimburse counties for lost revenue from ad valorem tax exemptions.

Establishes a priority system for fund disbursements when insufficient funds exist: manufacturing/research and development facility exemptions paid first, followed by Section 2890 exemptions, then buffer strip reductions on a proportional basis.

Requires county commissioners to submit reimbursement claims by April 30 each year on Tax Commission-prescribed forms, with claims separated by exemption type and Tax Commission approval or denial by June 15.

Mandates that school district debt service funds apportioned from ad valorem tax collections be disbursed immediately rather than at the end of each calendar month.

Declares an emergency, making the act effective immediately upon passage and approval.