Senate Bill 282 Summary

• Creates the "Budget Accountability for State's Economic Defense (BASED) Act" to withhold federal income taxes collected in Oklahoma and deposit them in a state escrow fund until Congress passes a balanced federal budget.

• Requires all employers to withhold federal taxes to the State Treasurer instead of the federal government, and requires taxpayers to pay estimated federal taxes to the State Treasurer using IRS forms and publications.

• Establishes the Taxpayer Protection Escrow Revolving Fund to hold withheld federal taxes; funds must be returned within 90 days if no balanced budget is certified 30 days before the federal fiscal year, with employers paying employees within one week of receipt.

• Declares any federal fines, sanctions, or penalties against individuals or employers for compliance with this act to be null and void, and requires the Oklahoma Attorney General to indemnify and provide legal defense to those penalized by the federal government.

• Creates the Taxpayer Defense Fund, funded by interest earned from the escrow fund, to pay for legal protection and defense costs against federal retaliation; declares the act an emergency effective upon passage.