This bill amends the Oklahoma Sales Tax Code to modify the apportionment of sales and use tax revenues for various fiscal years. Key changes include the adjustment of percentages allocated to the General Revenue Fund, the Education Reform Revolving Fund, and the Teachers Retirement System Dedicated Revenue Revolving Fund. Specifically, the bill establishes that for fiscal years 2023 through 2027, 83.36% of revenues will be allocated to the General Revenue Fund, while for fiscal year 2028 and beyond, this percentage will revert to 83.61%. Additionally, the bill sets the allocation for the Education Reform Revolving Fund at 10.46% for fiscal years 2022 and thereafter, and modifies the allocation for the Oklahoma Historical Society Capital Improvement and Operations Revolving Fund, capping it at $1,880,553.25 for fiscal year 2026 and subsequent years.

Furthermore, the bill introduces an emergency clause, allowing it to take effect immediately upon passage and approval, with an effective date set for July 1, 2025. The amendments also include a change in the statutory reference for the Oklahoma Capital Assets Maintenance and Protection Fund, ensuring that $50 million will be allocated to this fund starting in fiscal year 2029. Overall, the bill aims to streamline the distribution of sales tax revenues while ensuring continued support for essential state functions and programs.

Statutes affected:
Introduced: 68-1353