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OK SB1300
Bill
Status
2/1/2016
Primary Sponsor
Roger Thompson
Click for details
AI Summary
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Caps tax apportionments to various funds at fiscal year 2013 levels beginning July 1, 2016, with any excess revenue directed to the General Revenue Fund
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Affects apportionments from multiple tax sources including motor vehicle taxes and fees, cigarette and tobacco taxes, gasoline and diesel fuel taxes, gross production taxes on oil and gas, sales taxes, and income taxes
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Limits apportionments to specific funds including the County Improvements for Roads and Bridges Fund ($120 million annual cap), State Transportation Fund, county highway funds, school districts, Teachers' Retirement System, and tourism-related revolving funds
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Amends eight sections of Oklahoma statutes (Titles 47 and 68) governing tax revenue distribution formulas that have historically directed increasing percentages to dedicated funds
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Declares an emergency requiring immediate effect upon passage, with general effective date of July 1, 2016
Legislative Description
Apportionment of tax revenue; capping amounts apportioned on and after certain date; directing excess to General Revenue Fund. Effective date.
Last Action
Second Reading referred to Appropriations
2/2/2016