OK HB2498

Imposes an additional $1.50 per pack tax on cigarettes effective January 1, 2017, to be submitted to voters as a legislative referendum on the November 8, 2016 general election ballot

Allocates 66% of new tax revenue to the newly created Common Education Classroom Teacher Performance Stipend Revolving Fund for teacher performance stipends

Allocates 34% of new tax revenue to the Health Employee and Economy Improvement Act Revolving Fund for health care insurance for eligible persons

Excludes new cigarette tax revenue from calculations for existing state building bond sinking funds (1961, 1965, 1968, and 1992 bond funds)

Applies same apportionment formula (66%/34%) to cigarette tax payments made in lieu of excise taxes pursuant to compacts with federally recognized Indian tribes