OK HB2623

Extends termination dates for certain gross production tax funding allocations from June 30, 2016 to June 30, 2019 for three revolving funds: Oklahoma Tourism and Recreation Department Capital Expenditure Fund, Oklahoma Conservation Commission Infrastructure Fund, and Community Water Infrastructure Development Fund

Delays the date when these funds would transfer to the Oklahoma Water Resources Board Rural Economic Action Plan Water Projects Fund from July 1, 2016 to July 1, 2019

Maintains existing allocation percentages: 4.28% of oil taxed at 7% and 3.75% of oil taxed at 4% split equally (33 1/3% each) among the three infrastructure revolving funds through the extended period

Preserves the $150 million annual cap on total deposits to education and infrastructure revolving funds, with excess amounts directed to the General Revenue Fund

Declared an emergency measure, taking effect immediately upon passage and approval