OK SB1305

Amends the Ad Valorem Reimbursement Fund to allow school districts to receive reimbursement for revenue lost due to ad valorem tax exemptions on new or expanded manufacturing or research and development facilities when a funding emergency exists

School districts may claim early reimbursement of 50% of the prior year's reimbursement amount by declaring a funding emergency to the Oklahoma Tax Commission by February 1

Funding emergency declarations must include signatures of the superintendent and auditor and demonstrate that at least 33% of expected current school year funding is affected by the reimbursement

Tax Commission must process verified early reimbursement claims by March 1, with funds drawn from revenues that would otherwise go to the General Revenue Fund

Effective date: November 1, 2016