OK SB742

Amends Oklahoma State Finance Act to require state agencies responsible for revenue collection to provide itemized revenue estimates to the Director of the Office of Management and Enterprise Services in accordance with State Board of Equalization duties.

Requires Oklahoma Tax Commission to provide comprehensive economic reports no later than two weeks before State Board of Equalization meetings, including national and state economic performance summaries and forecasts for current and upcoming fiscal years.

Changes Governor's budget submission deadline from "immediately after the beginning of each regular session" to the first Monday in February of each year, except in years when a Governor-elect assumes office.

Requires Governor-elect to submit budget on February 15 or the first day both houses of the Legislature are in session thereafter in transition years.

Becomes effective July 1, 2015, with emergency clause allowing immediate effect upon passage and approval.