1 STATE OF OKLAHOMA
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2 2nd Session of the 59th Legislature (2024)
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3 SENATE BILL 1482 By: Pugh
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6 AS INTRODUCED
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7 An Act relating to income tax credit; amending 62
7 O.S. 2021, Section 34.103, which relates to the
8 Oklahoma State Finance Act; prescribing duties for
8 the State Board of Equalization; providing tax
9 credit; requiring the Oklahoma Tax Commission to
9 calculate credit amount upon certain certification by
10 the Board; prescribing calculation for credit amount;
10 requiring the Commission to publish credit amount
11 within certain period; eliminating tax credit under
11 certain declaration of revenue failure; providing for
12 codification; and providing an effective date.
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15 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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16 SECTION 1. AMENDATORY 62 O.S. 2021, Section 34.103, is
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17 amended to read as follows:
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18 Section 34.103. A. In addition to any other duties prescribed
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19 by law, at the meeting required by Section 23 of Article X of the
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20 Oklahoma Constitution to be held in February of 2017, and at the
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21 February meeting of the State Board of Equalization each year
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22 thereafter, the State Board of Equalization shall certify:
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23 1. For the revenue derived from the tax levied on oil pursuant
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24 to Section 1001 of Title 68 of the Oklahoma Statutes, which would
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 1 otherwise be apportioned to the General Revenue Fund, the average
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2 annual amount of actual revenue apportioned to the General Revenue
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3 Fund for the immediately preceding five (5) complete fiscal years.
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4 For any year after the first year during which a deposit to the
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5 Revenue Stabilization Fund is made, the amount of any deposit to the
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6 Revenue Stabilization Fund shall be disregarded for purposes of this
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7 paragraph and the average shall be computed using the total amount
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8 of revenue that was available to be apportioned to the General
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9 Revenue Fund for the applicable period of time;
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10 2. For the revenue derived from the tax levied on natural gas
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11 pursuant to Section 1001 of Title 68 of the Oklahoma Statutes, which
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12 would otherwise be apportioned to the General Revenue Fund, the
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13 average annual amount of actual revenue apportioned to the General
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14 Revenue Fund for the previous five (5) fiscal years. For any year
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15 after the first year during which a deposit to the Revenue
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16 Stabilization Fund is made, the amount of any deposit to the Revenue
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17 Stabilization Fund shall be disregarded for purposes of this
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18 paragraph and the average shall be computed using the total amount
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19 of revenue that was available to be apportioned to the General
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20 Revenue Fund for the applicable period of time; and
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21 3. For the revenue derived from the corporate income tax levied
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22 pursuant to Section 2355 of Title 68 the Oklahoma Statutes, which
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23 would otherwise be apportioned to the General Revenue Fund, the
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24 average annual amount of actual revenue apportioned to the General
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 1 Revenue Fund for the previous five (5) fiscal years. For any year
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2 after the first year during which a deposit to the Revenue
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3 Stabilization Fund is made, the amount of any deposit to the Revenue
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4 Stabilization Fund shall be disregarded for purposes of this
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5 paragraph and the average shall be computed using the total amount
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6 of revenue that was available to be apportioned to the General
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7 Revenue Fund for the applicable period of time.
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8 B. If the amount of revenue available for apportionment to the
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9 General Revenue Fund for the next ensuing fiscal year exceeds the
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10 amounts certified pursuant to paragraph 1 or 2 of subsection A of
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11 this section, with respect to each such revenue source, one hundred
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12 percent (100%) of such amount in excess of the separately computed
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13 five-year average, which would otherwise be apportioned to the
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14 General Revenue Fund, shall be deposited to the credit of the
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15 Revenue Stabilization Fund.
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16 C. If the amount of revenue available for apportionment to the
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17 General Revenue Fund for the next ensuing fiscal year exceeds the
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18 amount certified pursuant to paragraph 3 of subsection A of this
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19 section:
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20 1. Twenty-five percent (25%) of such amount in excess of the
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21 five-year average, which would otherwise be apportioned to the
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22 General Revenue Fund, shall be deposited to the credit of the
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23 Constitutional Reserve Fund unless such deposit would exceed the
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24 maximum balance permitted pursuant to Section 23 of Article X of the
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 1 Oklahoma Constitution and in such case the amount in excess of the
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2 maximum balance shall be deposited to the credit of the Revenue
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3 Stabilization Fund; and
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4 2. Seventy-five percent (75%) of such amount in excess of the
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5 five-year average, which would otherwise be apportioned to the
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6 General Revenue Fund, shall be deposited to the credit of the
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7 Revenue Stabilization Fund, together with any amount required for
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8 deposit pursuant to the provisions of paragraph 1 of this
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9 subsection.
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10 D. In addition to any other duties prescribed by law, at the
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11 meeting required by Section 23 of Article X of the Oklahoma
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12 Constitution to be held in February of 2025, and at the February
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13 meeting of the State Board of Equalization each year thereafter, the
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14 State Board of Equalization shall certify:
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15 1. The percentage growth of the amounts available for
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16 appropriation, pursuant to paragraph 1 of Section 23 of Article X of
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17 the Oklahoma Constitution, for the ensuing fiscal year from the
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18 current fiscal year, as certified by the Board during the previous
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19 February meeting; and
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20 2. If the percentage growth certified pursuant to paragraph 1
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21 of this subsection exceeds ten percent (10%), the Board shall
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22 certify the amount of revenues exceeding five (5) percentage points
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23 of the growth certified for calculating the amount of tax credit
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24 provided in Section 2 of this act.
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 1 SECTION 2. NEW LAW A new section of law to be codified
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2 in the Oklahoma Statutes as Section 2357.207 of Title 68, unless
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3 there is created a duplication in numbering, reads as follows:
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4 A. For calendar years where the State Board of Equalization
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5 certifies an amount pursuant to paragraph 2 of subsection D of
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6 Section 34.103 of Title 62 of the Oklahoma Statutes, for the
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7 corresponding tax year, there shall be allowed a refundable credit
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8 against the tax imposed pursuant to Section 2355 of Title 68 of the
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9 Oklahoma Statutes in an amount, rounded to the nearest whole dollar,
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10 to be calculated by the Oklahoma Tax Commission by taking the amount
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11 certified by the Board pursuant to paragraph 2 of subsection D of
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12 Section 34.103 of Title 62 of the Oklahoma Statutes and dividing by
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13 the summation of the following:
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14 1. The number of individual, married filing separate, surviving
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15 spouse, and head of household state personal income tax returns
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16 filed in the second preceding tax year, multiplied by the number one
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17 and five thousandths (1.005); and
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18 2. The number of married filing jointly state personal income
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19 tax returns filed in the second preceding tax year, multiplied by
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20 the number two and one hundredth (2.01).
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21 B. The credit amount calculated by the Commission as provided
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22 in subsection A of this section shall be doubled for those married
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23 filing jointly.
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 1 C. Within forty-five (45) days of the Board certifying an
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2 amount pursuant to paragraph 2 of subsection D of Section 34.103 of
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3 Title 62 of the Oklahoma Statutes, the Commission shall publish on
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4 its website the amount of tax credit calculated pursuant to
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5 subsection A of this section.
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6 D. If a revenue failure is declared pursuant to the provisions
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7 of Section 34.49 of Title 62 of the Oklahoma Statutes prior to
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8 November 1 of the calendar year corresponding to the tax year in
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9 which a tax credit is provided pursuant to this section, the tax
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10 credit shall not be provided for that tax year.
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11 SECTION 3. This act shall become effective November 1, 2024.
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13 59-2-2364 QD 12/15/2023 6:46:49 PM
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