House Bill No. 2758 establishes the "Preserving and Advancing County Transportation Fund" (PACT Fund) within the State Treasury to support county transportation projects. This revolving fund will not be constrained by fiscal year limitations and will include all legally allocated funds, particularly from gross production tax proceeds. The bill allocates two-thirds of the funds to counties to improve highway construction and maintenance, focusing on those with the lowest ratios, while one-third is designated for the reconstruction of major collector route bridges. Counties must submit project proposals to the Department of Transportation for evaluation before funds are allocated.

The bill also amends Section 1004 of Title 68 of the Oklahoma Statutes, altering the distribution percentages of gross production tax revenues. It introduces a new provision that, starting July 1, 2025, 40% of the gross production tax on natural gas will be allocated to the General Revenue Fund until it meets a five-year average, with another 40% directed to the PACT Fund, capped at $75 million per fiscal year. Additionally, it modifies allocations for oil taxes, increases funding for educational and infrastructure revolving funds, and establishes a new formula for distributing funds to counties based on production value. The bill aims to ensure effective utilization of oil and gas tax revenues for education, infrastructure, and county transportation needs while maintaining a balance with the General Revenue Fund.

Statutes affected:
House Committee Substitute: 68-1004
Floor (House): 68-1004
Floor (Senate): 68-1004
Engrossed: 68-1004
Amended And Engrossed: 68-1004
House Conference Committee Substitute: 68-1004
Enrolled (final version): 68-1004