Senate Bill No. 38 amends the Oklahoma Sales Tax Code to adjust the apportionment of sales tax revenues for various funds, including the General Revenue Fund, the Education Reform Revolving Fund, and the Teachers Retirement System Dedicated Revenue Revolving Fund. Notably, the bill specifies that for fiscal year 2026 and subsequent years, six one-hundredths percent (0.06%) of sales tax revenues will be allocated to the Oklahoma Historical Society Capital Improvement and Operations Revolving Fund, with a cap of $1,880,553.25. Additionally, it establishes that for fiscal year 2029 and beyond, $50 million will be allocated to the Oklahoma Capital Assets Maintenance and Protection Fund.

The bill also modifies the previous provisions regarding the apportionment of funds, including the removal of certain fiscal year references and the introduction of new caps on allocations to specific funds. For instance, the previous language that allocated funds for the fiscal year beginning July 1, 2015, has been updated to reflect allocations for fiscal years 2016 through 2025. The bill is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage and approval.

Statutes affected:
Introduced: 68-1353
Floor (Senate): 68-1353