OK SB1121

Creates a Joint Interim Committee on the Elimination of Ad Valorem Taxes composed of 10 members (5 Senate, 5 House) with co-chairs designated by the President Pro Tempore and Speaker.

Committee shall conduct a comprehensive study of alternative taxation methods to replace local tax revenue lost from ad valorem tax elimination, contingent on passage of Enrolled Senate Joint Resolution No. 12.

For each alternative taxation method, the committee must determine average tax rates needed to replace lost revenue, assess effects of broadening tax application, evaluate redistribution mechanisms, and examine implementation issues.

Committee shall submit a written report to the Legislature by July 1, 2028, containing study results and recommendations for legislative action.

Act becomes effective November 1, 2025, but only if Enrolled Senate Joint Resolution No. 12 becomes law; committee is abolished January 1, 2030.