OK SB1303

Amends Oklahoma gross production tax apportionment (68 O.S. 2011, Section 1004) to create an exception for revenue distribution beginning July 1, 2017

Directs 5% of gross production tax collected on oil and gas under Section 1001 to be apportioned to the Revenue Replacement Endowment Fund (created in Section 44 of Article X of the Oklahoma Constitution) before any other distributions are made

Maintains existing apportionment structure for remaining 95% of revenues, including distributions to General Revenue Fund, County Highway Funds, school districts, education revolving funds, and infrastructure funds

Caps total annual deposits to education and infrastructure revolving funds at $150 million, with excess amounts redirected to the General Revenue Fund

Contingent effective date: provisions take effect only if voters approve a constitutional amendment (Senate Joint Resolution) adding Section 44 to Article X of the Oklahoma Constitution