OK HB1011

Creates the "2023 Inflation Relief Fund" as a revolving fund in the State Treasury administered by the State Treasurer, with monies appropriated for expenditure as prescribed by law.

Requires distribution of fund monies on the first day of the second calendar month following the bill's effective date, based on 2022 individual income tax returns filed with the Oklahoma Tax Commission.

Distributes payments to qualifying Oklahoma residents who filed 2022 income tax returns, excluding Department of Corrections inmates, with single filers receiving a specified amount and married filers receiving double that amount (specific dollar amount left blank in introduced version).

Payments to married filers filing jointly receive double the amount designated for single filers for the 2022 income tax year.

Distributions are exempt from Oklahoma income tax and may be paid by warrant or direct deposit to financial institutions using the same process as income tax refunds.