The bill amends Section 34.2 of Title 62 of the Oklahoma Statutes, which pertains to the itemized estimates of funds expected to accrue to the General Revenue Fund and Special Revenue Funds. It modifies the requirement for state agencies to provide these estimates to the Director of the Office of Management and Enterprise Services. Specifically, the bill removes the obligation for agencies to estimate revenue collections for the following two fiscal years, focusing instead on the current and ensuing fiscal year. Additionally, it mandates that the Oklahoma Tax Commission provide a comprehensive economic report that includes forecasts for the current and ensuing fiscal year, rather than the previous two years.

Furthermore, the bill stipulates that the Tax Commission must share all relevant estimates, explanations, and reports with key legislative leaders, including the President Pro Tempore of the Senate and the Speaker of the House, simultaneously with their submission to the Director. This change aims to enhance transparency and ensure that legislative leaders are informed of the financial outlook and methodologies used in revenue estimation. The act is set to take effect on November 1, 2025.