The bill amends Section 1004 of Title 68 of the Oklahoma Statutes, focusing on the gross production tax and its apportionments. It establishes specific allocations for taxes collected on asphalt or ores, designating 85.72% to the General Revenue Fund and 7.14% to county highway funds and school districts based on average daily attendance. The bill also clarifies the definitions of moving five-year average amounts for gas and oil, which will be used to determine these apportionments. Additionally, it modifies the distribution of funds from natural gas and oil taxes, including a new allocation framework for excess revenues that will support the Revenue Stabilization Fund and various educational and infrastructure funds.

Furthermore, the bill sets a cap on total deposits into several revolving funds, including the Common Education Technology Revolving Fund, the Higher Education Capital Revolving Fund, and the Oklahoma Student Aid Revolving Fund, limiting them to $150 million per fiscal year from 2007 through 2026, with the same cap applying to the Common Education Technology Revolving Fund and the other two funds in fiscal year 2027 and beyond. Any excess amounts will be redirected to the General Revenue Fund. The bill also includes a deletion of a reference to paragraph 11 and an insertion of paragraph 12 in the relevant subsection, and it is set to take effect on July 1, 2026, with an emergency clause for immediate necessity.

Statutes affected:
Introduced: 68-1004