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OK SB891

Bill

Official Source

Status

Introduced

2/1/2016

Primary Sponsor

Michael Mazzei

Click for details

Origin

Senate

2016 Regular Session

AI Summary

  • Creates the "Oklahoma Revenue Stabilization Fund" as a revolving fund in the State Treasury to hold excess tax revenues from gross production taxes and income taxes
  • Requires the State Board of Equalization, beginning February 2017, to annually certify the 5-year average of actual revenue collections from gross production taxes and corporate income taxes
  • Revenue exceeding the certified 5-year average by more than 10% cannot be appropriated in the next fiscal year and must be deposited into the Revenue Stabilization Fund
  • Amends existing gross production tax apportionment formulas for oil, natural gas, and mineral production, maintaining distributions to the General Revenue Fund, County Highway Funds, school districts, and various education and infrastructure revolving funds
  • Effective date of November 1, 2016

Legislative Description

Oklahoma Quality Jobs Program Act; suspending applications during specified time period. Effective date. Emergency.

Last Action

coauthored by Montgomery (principal House author)

2/29/2016

Committee Referrals

Finance2/2/2016

Full Bill Text

No bill text available