SB 610 Summary

• Amends Oklahoma gross production tax apportionment provisions effective July 1, 2017, updating references to Section 34.103 of Title 62 of the Oklahoma Statutes for calculating moving five-year average amounts for gas and oil.

• Directs apportionment of gross production tax revenues from natural gas and oil to multiple designated funds including the Revenue Stabilization Fund, General Revenue Fund, County Highway Funds, and education technology/capital revolving funds based on tiered tax rates and threshold amounts.

• Caps total annual deposits to Common Education Technology Revolving Fund, Higher Education Capital Revolving Fund, Oklahoma Student Aid Revolving Fund, Rural Economic Action Plan Water Projects Fund, Oklahoma Tourism and Recreation Department Capital Expenditure Revolving Fund, Oklahoma Conservation Commission Infrastructure Revolving Fund, and Community Water Infrastructure Development Revolving Fund at $150,000,000, with excess revenues apportioned to the General Revenue Fund.

• Requires 5% apportionment of gross production tax to the Revenue Replacement Endowment Fund beginning July 1, 2018, if a related Constitutional Amendment is approved by voters.

• Bill effectiveness is conditional upon certification of election results favoring passage of the related Constitutional Amendment proposed in Senate Joint Resolution No. ___ of the 1st Session of the 56th Oklahoma Legislature.