OK HB2505

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

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

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

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

Applies the same apportionment formula to payments made in lieu of excise taxes pursuant to compacts with federally recognized Indian tribes or nations