The bill amends Section 34.2 of Title 62 of the Oklahoma Statutes, which pertains to the itemized estimate of funds expected to accrue to the General Revenue Fund and Special Revenue Funds. It modifies the requirement for state agencies to provide an itemized estimate of funds to the Director of the Office of Management and Enterprise Services for the upcoming fiscal year. Notably, the bill removes the requirement for agencies to estimate revenue collections for the following two fiscal years, focusing instead on the current and ensuing fiscal years. Additionally, it mandates that the Oklahoma Tax Commission provide a comprehensive economic report prior to State Board of Equalization meetings, which will include forecasts for the current and ensuing fiscal years.

Furthermore, the bill stipulates that the Tax Commission must share all relevant estimates, explanations, and reports with key legislative leaders at the same time they are submitted to the Director of the Office of Management and Enterprise Services. This 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.