HB 2245 Summary

• Enacts the Appropriation Stabilization Act to amend revenue estimation procedures under 62 O.S. 2011, Section 34.2

• Requires Oklahoma Tax Commission to compute a five-year moving average for revenue from each tax source apportioned to the General Revenue Fund, using the five most recent completed fiscal years

• Mandates Oklahoma Tax Commission to deliver comprehensive economic reports at least two weeks prior to State Board of Equalization meetings in December and February, including national and state economic performance summaries and forecasts for current and following two fiscal years

• Requires Tax Commission to provide all revenue estimates, explanations, statements, projections, and reports to legislative leadership (Senate President Pro Tempore, Speaker of the House, and relevant committee members) simultaneously with submissions to the Director of the Office of Management and Enterprise Services

• Effective date July 1, 2017, with emergency declaration for immediate effect upon passage and approval