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 establishes a new apportionment structure for the Oklahoma Historical Society Capital Improvement and Operations Revolving Fund, specifying that for fiscal year 2026 and subsequent years, 0.06% of sales tax revenues will be allocated to this fund, with a cap of $1,880,553.25. Additionally, it modifies the apportionment for the Oklahoma Capital Assets Maintenance and Protection Fund, changing the reference from Section 2 to Section 188B of Title 73 of the Oklahoma Statutes.

The bill also includes provisions for municipalities and counties that levy a sales tax, ensuring they receive revenue equivalent to the amount exempted under specific sections of the law. The effective date of the bill is set for July 1, 2025, and it includes an emergency clause for immediate implementation upon passage and approval. Overall, the bill aims to refine the distribution of sales tax revenues to better support state and local government functions, education, and historical preservation efforts in Oklahoma.

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