HB 3002 Summary

• Creates the "State Sovereignty Act" and establishes a "Federal Tax Fund" as an escrow account in the State Treasury to hold federal excise, income, and liquor/alcohol taxes collected by Oklahoma.

• Requires persons liable for federal taxes to remit taxes to the Oklahoma Tax Commission for deposit into the Federal Tax Fund, with the State Treasurer transferring collected amounts monthly to the Internal Revenue Service.

• Allows the State Treasurer to withhold and retain Federal Tax Fund monies if the federal government imposes sanctions on Oklahoma, its citizens, or corporations for deemed unconstitutional federal mandates, with transfers resuming within 10 days if sanctions are lifted within 90 days.

• Imposes civil penalties of 150% of taxes owed per day for persons failing to comply; interest and penalties remain in the fund for administrative costs with excess amounts transferred to General Revenue Fund.

• Establishes an 11-member Oklahoma Tax Contingency Advisory Panel with representatives selected by legislative leaders, Governor, Oklahoma Tax Commission, and State Treasurer to meet monthly and report to Legislature and Governor.

• Takes effect July 1, 2016 and applies to federal taxes collected after January 1, 2017.