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 directed deposits, particularly from gross production tax proceeds. The bill allocates two-thirds of the fund to counties with lower highway construction and maintenance ratios, aiming for a target of $4,000 per county road mile, while the remaining funds will be distributed based on the number of county road miles and bridges. Additionally, one-third of the fund is specifically designated for the reconstruction of major collector route bridges, contingent upon compliance with criteria set by the Department of Transportation.

The bill also amends Section 1004 of Title 68 of the Oklahoma Statutes, altering the distribution percentages of gross production tax proceeds to various funds, including the Revenue Stabilization Fund and educational institutions. It introduces a new framework for the gross production tax on natural gas, effective July 1, 2025, which includes a 40% allocation to the General Revenue Fund and a cap of $75 million for the PACT Fund. Furthermore, it mandates that 10% of the total production value from a county be allocated based on average daily attendance in schools, provided certain conditions are met. The bill caps the total amounts deposited into various revolving funds at $150 million per fiscal year, redirecting any excess to the General Revenue Fund, and includes an emergency clause for immediate implementation upon passage.

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