Senate Bill 856 Summary

• Amends Oklahoma sales and use tax code to delete obsolete fiscal year apportionment schedules for FY 2003 through FY 2007, retaining only the ongoing FY 2008 and subsequent fiscal year rates of 83.61% to General Revenue Fund.

• Streamlines Section 1353 by removing historical apportionment tables for Education Reform Revolving Fund (reducing from variable rates to flat 10.46%) and Teachers' Retirement System Dedicated Revenue Revolving Fund (reducing from variable rates to flat 5.0% for FY 2008 forward).

• Streamlines Section 1403 similarly by deleting fiscal year 2004-2007 specific apportionment percentages for General Revenue Fund and Teachers' Retirement while maintaining current rates for all funds going forward.

• Maintains ongoing allocations to Oklahoma Tourism Promotion Revolving Fund (36%), Oklahoma Tourism Capital Improvement Revolving Fund (64%), and Oklahoma Historical Society Capital Improvement and Operations Revolving Fund (0.06%) starting July 1, 2010.

• Effective date: November 1, 2015.