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An Act
ENROLLED HOUSE
BILL NO. 4072 By: Caldwell (Trey) and Kane of
the House
and
Hall and Haste of the
Senate
An Act related to public finance; creating the
Taxpayer Endowment Trust Fund Act; authorizing
certain reference; announcing legislative intent;
defining terms; creating the Taxpayer Endowment Trust
Fund; establishing revolving fund characteristics;
requiring interest and income be retained by the
trust fund; providing for administration, management,
and oversight of the trust fund; requiring certain
investment standards; requiring diversification of
investments and other risk management efforts;
providing exception; authorizing delegation of
certain authorities; limiting delegation by certain
standard; defining scope of investment authority;
authorizing certain actions by the State Treasurer
related to employment and contracting; making efforts
subject to certain approval; requiring the
establishment of guidelines and investment policies;
exempting certain contracting from the Oklahoma
Central Purchasing Act; requiring certain written
process; requiring certain administrative support be
provided; limiting administrative support;
authorizing certain reimbursements from certain
assets; requiring investments follow a written policy
including certain goals; requiring delivery of policy
and modifications of such policy to certain entities
following certain timelines; requiring the publishing
of annual reports under manner and timelines;
requiring certain elements be included in report;
limiting utilization and disposition of trust fund
assets; providing exceptions; requiring certain
computations, communications, and deposits of
distributable earnings under certain conditions;
establishing timeline for certain communications and
ENR. H. B. NO. 4072 Page 2
deposits; requiring certain action of the State Board
of Equalization; limiting the reduction of corpus;
amending 62 O.S. 2021, Section 34.102, which relates
to the Revenue Stabilization Fund; clarifying
terminology associated with fund deposits; amending
62 O.S. 2021, Section 34.103, as amended by Section
1, Chapter 307, O.S.L. 2025 (62 O.S. Supp. 2025,
Section 34.103), which relates to revenue
certification and apportionment by the State Board of
Equalization; modifying certain calculations and
apportionments; amending 62 O.S. 2021, Section 71.1,
as amended by Section 4, Chapter 308, O.S.L. 2025 (62
O.S. Supp. 2025, Section 71.1), which relates to the
Invest in Oklahoma Board; requiring the fulfillment
of certain duties; amending 62 O.S. 2021, Section
2402, as amended by Section 2, Chapter 308, O.S.L.
2025 (62 O.S. Supp. 2025, Section 2402), which
relates to public entities authorized to participate
in the Invest in Oklahoma Program; authorizing
participation by the Taxpayer Endowment Trust Fund;
modifying certain apportionments; amending 68 O.S.
2021, Section 1004, as last amended by Section 2,
Chapter 490, O.S.L. 2025 (68 O.S. Supp. 2025, Section
1004), which relates to the apportionment of proceeds
from the gross production tax on oil and natural gas;
modifying apportionments; adding apportionments;
amending 68 O.S. 2021, Section 2352, which relates to
the apportionment of proceeds from the income tax on
corporations; modifying apportionment and adding
apportionment; providing for severability; and
providing for codification.
SUBJECT: Public finance
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 34.102A-1 of Title 62, unless
there is created a duplication in numbering, reads as follows:
A. Sections 1 through 5 of this act shall be known and may be
cited as the "Taxpayer Endowment Trust Fund Act".
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B. 1. The Legislature finds that Oklahoma’s long-term economic
growth and fiscal stability are best served by policies that promote
savings, investment, and reduced reliance on income taxation.
2. The Legislature further finds that states with an abundance
of energy resources that preserve and grow a portion of those
revenues through investments enjoy lower taxes and budget stability.
3. Establishing a sovereign wealth fund enables states to
convert public funds into a permanent financial asset that generates
long-term investment income for public purposes.
4. It is therefore the intent of the Legislature to create a
trust fund that produces a significant and sustainable revenue
stream, preserves and protects its principal, and over time,
provides taxpayer relief by replacing income tax revenue through the
power of recurring investment and compounding interest.
5. The trust fund should provide a means of conserving a
portion of the state’s revenues, especially driven by energy
resources, to benefit all generations of Oklahomans.
6. The trust fund should work in concert with efforts to reduce
and eliminate income tax.
7. The trust fund’s performance goal should seek market returns
during the fund’s growth phase lockout period.
8. After the lockout phase, the trust fund’s performance goal
should be to maintain safety of principal while maximizing the total
return.
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 34.102A-2 of Title 62, unless
there is created a duplication in numbering, reads as follows:
As used in the Taxpayer Endowment Trust Fund Act:
1. "Appreciation" means any increase in the value of assets
held in the Trust Fund;
2. "Board" means the Invest in Oklahoma Board as established in
Section 71.1 of Title 62 of the Oklahoma Statutes, or its successor;
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3. "Corpus" means the principal of the Trust Fund;
4. "Distributable earnings" means an amount that equals up to
four percent (4%) of the immediately preceding five-year average
fiscal-year end asset valuation of the Trust Fund, as determined by
the Board;
5. "Earnings" means all income derived from the investment of
monies in the Trust Fund including but not limited to income,
earnings, interest, and investment returns;
6. "Trust Fund" means the Taxpayer Endowment Trust Fund;
7. "Interest" means income earned from the investment of funds
in interest-bearing instruments, including but not limited to bonds,
notes, and other fixed-income securities; and
8. "Initial deposit" means the first transfer of funds into the
Trust Fund as provided by law.
SECTION 3. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 34.102A-3 of Title 62, unless
there is created a duplication in numbering, reads as follows:
A. There is hereby created in the State Treasury a trust fund
to be known and designated as the "Taxpayer Endowment Trust Fund".
The members of the Invest in Oklahoma Board shall be considered
trustees of the fund. The fund shall be a continuing fund, not
subject to fiscal year limitations, and shall consist of all monies
directed for deposit to the fund pursuant to legal transfers,
apportionments, or appropriations, as well as any interest or
investment income derived from such deposits. All monies accruing
to the credit of the said fund are hereby appropriated and may be
utilized in accordance with the provisions of the Taxpayer Endowment
Trust Fund Act.
B. Notwithstanding any provision of law to the contrary, all
interest and income derived from deposits to the Taxpayer Endowment
Trust Fund, shall be credited to the Trust Fund.
SECTION 4. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 34.102A-4 of Title 62, unless
there is created a duplication in numbering, reads as follows:
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A. The Taxpayer Endowment Trust Fund shall be administered,
managed, and overseen by the Invest in Oklahoma Board, with
administrative assistance provided by the State Treasurer and any
other individual or entity designated by the Board. The Board shall
invest the assets of the Trust Fund with the care, skill, prudence,
and diligence under the circumstances then prevailing that a prudent
investor acting in a like capacity and familiar with such matters
would use in the conduct of an enterprise of a like character and
with like aims. Additionally, the Board shall diversify the
investments of the Trust Fund so as to minimize the risk of large
losses, unless under the circumstances it is clearly prudent not to
do so. The Board may take or delegate all actions reasonably
necessary to administer, manage, and protect the Trust Fund but only
in a manner that meets the standard provided in this subsection.
B. Notwithstanding the provisions of Section 89.2 of Title 62
of the Oklahoma Statutes, the Board may invest and reinvest assets
of the Trust Fund in any manner not prohibited by law, including but
not limited to real property assets, stock, and other equity
investments.
C. Subject to Board approval, the State Treasurer shall:
1. Employ or contract for the services of professional
custodians, consultants, and managers of the assets of the Trust
Fund, including legal counsel as needed;
2. Establish investment and fund management guidelines; and
3. Adopt an investment policy.
D. The contracting for services described in paragraph 1 of
subsection C of this section shall be exempt from the Oklahoma
Central Purchasing Act, but shall be conducted by the State
Treasurer under a written process approved by the Board.
E. The State Treasurer shall provide administrative support to
the Board as needed; provided such support does not exceed that of
two (2) full-time equivalent employees employed by the State
Treasurer.
F. The State Treasurer may seek reimbursement, and the Board
may reimburse from Trust Fund assets, the expenses incurred by the
State Treasurer's Office for the performance of the duties assigned
by this act to the State Treasurer.
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SECTION 5. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 34.102A-5 of Title 62, unless
there is created a duplication in numbering, reads as follows:
A. Investments of Taxpayer Endowment Trust Fund assets by the
Board shall be made in accordance with written policies developed by
the Board. The written investment policies shall prioritize:
1. Generating long-term investment income for public purposes;
and
2. Preserve and protect the Trust Fund's principal while
maximizing the Trust Fund's total return;
The written investment policies shall be designed to maximize
yield within each class of investment instrument, consistent with
the safety of the assets invested.
B. 1. Not later than July 1 of each year, the Board shall
forward a copy of the written investment policy to the Governor, the
Speaker of the Oklahoma House of Representatives, the President Pro
Tempore of the Oklahoma State Senate, and the State Treasurer. The
State Treasurer shall maintain one copy of the investment policy in
the Office of the State Treasurer for public inspection during
regular business hours. Copies of any modifications made by the
Board to the investment policy shall be forwarded to the Governor,
Speaker of the House of Representatives, the President Pro Tempore
of the Senate, and the State Treasurer;
2. Not later than November 1 of each year, the Board, through
the efforts of the State Treasurer, shall publish an annual report
on the State Treasurer's website, including the Trust Fund's
financial statements, statements of receipts and disbursements
related to trust fund assets and investment activities during the
period, relevant market value appraisals of assets, comparisons of
Trust Fund performance to internal benchmarks, a summary of
investment activity during the period, and any other information the
Board deems of interest to the public.
SECTION 6. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 34.102A-6 of Title 62, unless
there is created a duplication in numbering, reads as follows:
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A. Except for the reimbursement of the State Treasurer as
allowed under the provisions of this act, no monies of any kind,
including but not limited to earnings, interest, or appreciation,
shall be appropriated from the Taxpayer Endowment Trust Fund prior
to:
1. The state fiscal year following an end-of-year valuation of
the Trust Fund that exceeds One Billion Dollars ($1,000,000,000.00);
or
2. The expiration of the ten-year period following the initial
deposit to the Trust Fund.
B. Following the occurrence of a condition established in
subsection A of this section, the Board shall:
1. No later than November 30 of each year, communicate to the
State Board of Equalization the amount of distributable earnings
available from the Trust Fund as calculated pursuant to the
conditions of the Trust Fund in effect June 30 of such year. Such
earnings shall be certified by the State Board of Equalization as
General Revenue for the then forthcoming state fiscal year; and
2. On July 1, deposit an amount equal to the amount certified
by the State Board of Equalization pursuant to paragraph 1 of this
subsection to the General Revenue Fund. Such deposit shall occur
July 1 of the state fiscal year for which the funds are certified.
C. Except as allowed or required by the provisions of this
section the corpus of the Trust Fund shall not be reduced.
SECTION 7. AMENDATORY 62 O.S. 2021, Section 34.102, is
amended to read as follows:
Section 34.102. A. There is hereby created in the State
Treasury a revolving fund to be known and designated as the "Revenue
Stabilization Fund". The fund shall be a continuing fund, not
subject to fiscal year limitations.
B. For determinations made regarding deposits for fiscal years
beginning on or after July 1, 2019, no monies shall be deposited to
the credit of the Revenue Stabilization Fund until such time as the
amount of actual revenue certified by the State Board of
Equalization as having been deposited into the General Revenue Fund
for the first fiscal year prior to the beginning of the fiscal year
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that deposits to the Revenue Stabilization Fund are first made
equals or exceeds Six Billion Six Hundred Million Dollars
($6,600,000,000.00).
C. Once the provisions prescribed by subsection B of this
section have been met, deposits to the Revenue Stabilization Fund as
prescribed by this section may be made during any subsequent fiscal
year according to the requirements and limitations imposed by this
act; provided that no deposits shall be made during a fiscal year
where the State Board of Equalization General Revenue Fund
certification for said fiscal year is less than the State Board of
Equalization General Revenue Fund certification for the previous
fiscal year plus an increment equal to the amount otherwise
calculated for deposit pursuant to subsection E of this section.
D. Notwithstanding any other provisions of this section, unless
such deposits are the result of a direct appropriation to the
Revenue Stabilization Fund by the Legislature, no monies shall be
deposited to the credit of the Revenue Stabilization Fund:
1. For any month during a fiscal year after the month during
which the declaration of a revenue failure pursuant to the
provisions of Section 34.49 of this title has been made. For
purposes of this subsection, the limitation on deposits to the
Revenue Stabilization Fund shall be imposed for the remaining months
of the fiscal year during which the revenue failure was declared,
but shall not operate as a limitation upon deposits for any
subsequent fiscal year unless a revenue failure is declared at some
time during such fiscal year; or
2. That would cause deposits to the Revenue Stabilization Fund
for the fiscal year to exceed three percent (3%) of the State Board
of Equalization General Revenue Fund certification for that fiscal
year.
E. Except as provided in subsection I of this section, the
Revenue Stabilization Fund shall consist of receive as deposits:
1. One hundred percent (100%) Seventy-five percent (75%) of the
revenue derived from the gross production tax on oil levied pursuant
to Section 1001 of Title 68 of the Oklahoma Statutes which is in
excess of the five-year average computed as prescribed by Section
34.103 of this title;
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2. One hundred percent (100%) Seventy-five percent (75%) of the
revenue derived from the gross production tax on natural gas levied
pursuant to Section 1001 of Title 68 of the Oklahoma Statutes which
is in excess of the five-year average computed as prescribed by
Section 34.103 of this title;
3. Seventy-five percent (75%) of the revenue derived from
corporate income tax levied pursuant to Section 2355 of Title 68 of
the Oklahoma Statutes which is in excess of the five-year average
computed as prescribed by Section 34.103 of this title; and
4. Any amounts appropriated by the Legislature.
F. 1. Except as provided in paragraph 2 of this subsection, in
the event that a revenue failure is declared with respect to the
General Revenue Fund pursuant to Section 34.49 of this title, the
Director of the Office of Management and Enterprise Services may
withdraw up to one-quarter (1/4) of the balance of the Revenue
Stabilization Fund available at the beginning of the fiscal year,
provided the total amount withdrawn shall not exceed the amount of
the declared revenue failure, to in equal proportions reduce or
avoid reductions to agencies for the current fiscal year and to
mitigate potential reductions of funds to be expended by common
school districts which were appropriated or authorized by the
Legislature, but excluding any funds which are apportioned directly
to common school districts.
2. For the fiscal year ending June 30, 2020, in the event that
a revenue failure is declared with respect to the General Revenue
Fund pursuant to Section 34.49 of this title, the Director of the
Office of Management and Enterprise Services may withdraw amounts up
to a total of one-half (1/2) of the highest balance during the
fiscal year ending June 30, 2020, of the Revenue Stabilization Fund;
provided, the total amount withdrawn shall not exceed the amount of
the declared revenue failure less any appropriations made by the
Legislature to offset such revenue failure, to in equal proportions
reduce or avoid reductions to agencies for the fiscal year and to
mitigate potential reductions of funds to be expended by common
school districts which were appropriated or authorized by the
Legislature for the fiscal year ending June 30, 2020, but excluding
any funds which are apportioned directly to common school districts.
No monies shall be withdrawn under the provisions of this subsection
for the purpose of reducing or avoiding reductions of appropriations
made pursuant to Section 129 of Enrolled House Bill No. 2765 of the
1st Session of the 57th Oklahoma Legislature or Section 1 of
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Enrolled Senate Bill No. 1076 of the 1st Session of the 57th
Oklahoma Legislature.
G. In the event that a revenue failure is declared with respect
to the General Revenue Fund pursuant to Section 34.49 of this title,
the Legislature may appropriate up to one-quarter (1/4) of the
balance of the Revenue Stabilization Fund available at the beginning
of the fiscal year, not to exceed the amount of the revenue failure
as declared with respect to the General Revenue Fund pursuant to
Section 34.49 of this title.
H. If the amount of revenue certified by the State Board of
Equalization at its February meeting in any year to be collected in
the General Revenue Fund for the upcoming fiscal year is less than
the amount of revenue certified by the State Board of Equalization
to be collected in the General Revenue Fund for the current fiscal
year as determined at its February meeting conducted in the
preceding calendar year, the Legislature may appropriate up to one-
half (1/2) of the balance of the Revenue Stabilization Fund
available at the beginning of the fiscal year; provided, that the
amount withdrawn shall not exceed the amount of the decline in
revenue certified.
I. If during the Board of Equalization certification process,
one or more of the revenue sources identified in paragraphs 1, 2,
and 3 of subsection E of this section are forecasted to experience a
revenue decrease, then the total deposits to the Revenue
Stabilization Fund as otherwise calculated under subsection E of
this section shall be reduced in an amount equal to such revenue
decreases. For purposes of this subsection, "revenue decrease"
means an identified revenue source derived in an amount less than
the five-year average for such revenue source.
SECTION 8. AMENDATORY 62 O.S. 2021, Section 34.103, as
amended by Section 1, Chapter 307, O.S.L. 2025 (62 O.S. Supp. 2025,
Section 34.103), is amended to read as follows:
Section 34.103. A. In addition to any other duties prescribed
by law, at the meeting required by Section 23 of Article X of the
Oklahoma Constitution to be held in February of 2017, and at the
February meeting of the State Board of Equalization each year
thereafter, the State Board of Equalization shall certify:
1. For the revenue derived from the tax levied on oil pursuant
to Section 1001 of Title 68 of the Oklahoma Statutes, which would
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otherwise be apportioned to the General Revenue Fund, the average
annual amount of actual revenue apportioned to the General Revenue
Fund for the immediately preceding five (5) complete fiscal years.
For any year after the first year during which a deposit to the
Revenue Stabilization Fund is made, the amount of any deposit to the
Revenue Stabilization Fund shall be disregarded for purposes of this
paragraph and the average shall be computed using the total amount
of revenue that was available to be apportioned to the General
Revenue Fund for the applicable period of time;
2. For the revenue derived from the tax levied on natural gas
pursuant to Section 1001 of Title 68 of the Oklahoma Statutes, which
would otherwise be apportioned to the General Revenue Fund, the
average annual amount of actual revenue apportioned to the General
Revenue Fund for the previous five (5) fiscal years. For any year
after the first year during which a deposit to the Revenue
Stabilization Fund is made, the amount of any deposit to the Revenue
Stabilization Fund shall be disregarded for purposes of this
paragraph and the average shall be computed using the total amount
of revenue that was available to be apportioned to the General
Revenue Fund for the applicable period of time; and
3. For the revenue derived from the corporate income tax levied
pursuant to Section 2355 of Title 68 of the Oklahoma Statutes, which
would otherwise be apportioned to the General Revenue Fund, the
average annual amount of actual revenue apportioned to the General
Revenue Fund for the previous five (5) fiscal years. For any year
after the first year during which a deposit to the Revenue
Stabilization Fund is made, the amount of any deposit to the Revenue
Stabilization Fund shall be disregarded for purposes of this
paragraph and the average shall be computed using the total amount
of revenue that was available to be apportioned to the General
Revenue Fund for the applicable period of time.
B. If the amount of revenue available for apportionment to the
General Revenue Fund for the next ensuing fiscal year exceeds the
amounts certified pursuant to paragraph 1 or, 2, or 3 of subsection
A of this section, with respect to each such revenue source, one
hundred percent (100%) seventy-five percent (75%) of such amount in
excess of the separately computed five-year average, which would
otherwise be apportioned to the General Revenue Fund, shall be
deposited to the credit of the Revenue Stabilization Fund.
C. If the amount of revenue available for apportionment to the
General Revenue Fund for the next ensuing fiscal year exceeds the
ENR. H. B. NO. 4072 Page 12
amount certified pursuant to paragraph 1, 2, or 3 of subsection A of
this section:
1. Twenty-five percent (25%) of such amount in excess of the
five-year average, which would otherwise be apportioned to the
General Revenue Fund, shall be deposited to the credit of the
Constitutional Reserve Fund unless such deposit would exceed the
maximum balance permitted pursuant to Section 23 of Article X of the
Oklahoma Constitution and in such case the amount in excess of the
maximum balance shall be deposited to the credit of the Revenue
Stabilization Fund; and
2. Seventy-five percent (75%) of such amount in excess of the
five-year average, which would otherwise be apportioned to the
General Revenue Fund, shall be deposited to the credit of the
Revenue Stabilization Fund, together with any amount required for
deposit pursuant to the provisions of paragraph 1 of this
subsection, with respect to each such revenue source, twenty-five
percent (25%) of such amount in excess of the separately computed
five-year average, which would otherwise be apportioned to the
General Revenue Fund, shall be deposited to the credit of the
Taxpayer Endowment Trust Fund created by Section 3 of this act.
D. 1. As used in this subsection and as used in subsection D
of Section 2355 of Title 68 of the Oklahoma Statutes:
a. "base year total collections" means the amount of
revenue certified by the State Board of Equalization
at its December meeting and includes all revenue
sources reported in the annual report of the Oklahoma
Tax Commission excluding any tax collected by the
Commission from levies imposed by counties, cities,
towns or any other entity of local government, which
for purposes of implementation of any income tax rate
reductions otherwise authorized by this act shall be
the highest preceding total collections amount as
defined by subparagraph b of this paragraph. For
purposes of reporting total collections for purposes
of this subsection, the Oklahoma Tax Commission shall
use the same methodology used to report estimated
revenues to the State Board of Equalization that was
used to make the report for the December 2024 meeting,
b. "highest preceding total collections" means the
largest amount of revenue reported for any single
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fiscal year prior to the immediately preceding full
fiscal year, determined by the State Board of
Equalization at its December meeting and including all
revenue sources reported in the annual report of the
Oklahoma Tax Commission excluding any tax collected by
the Commission from levies imposed by counties,
cities, towns or any other entity of local government.
For purposes of reporting total collections for
purposes of this subsection, the Oklahoma Tax
Commission shall use the same methodology used to
report estimated revenues to the State Board of
Equalization that was used to make the report for the
December 2024 meeting,
c. "income tax rate reduction threshold" means the amount
of revenue determined by the Oklahoma Tax Commission
for twelve (12) months comprising a single tax year
predicted to be foregone as a result of any reduction
in income tax rates pursuant to the provisions of this
act, including the provisions of subsection D of
Section 2355 of Title 68 of the Oklahoma Statutes
multiplied by the number one and twenty-five
hundredths (1.25). The income tax rate reduction cost
threshold shall not be less than the amount of revenue
loss attributable to a reduction in the income tax
rates for the previous fiscal year and shall not be
greater than such revenue loss for the previous fiscal
year multiplied by the number one and twenty-five
hundredths (1.25), and
d. "comparison year total collections" means the amount
of revenue determined by the State Board of
Equalization at its December meeting for the
immediately preceding fiscal year and includes all
revenue sources reported in the annual report of the
Oklahoma Tax Commission excluding any tax collected by
the Commission from levies imposed by counties,
cities, towns or any other entity of local government.
For purposes of reporting total collections for
purposes of this subsection, the Oklahoma Tax
Commission shall use the same methodology used to
report estimated revenues to the State Board of
Equalization that was used to make the report for the
December 2024 meeting.
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2. In addition to any other duties prescribed by law, at the
meeting required by Section 23 of Article X of the Oklahoma
Constitution to be held in December of 2026, and at the December
meeting of the State Board of Equalization each year thereafter, the
State Board of Equalization shall make a preliminary certification:
a. and report the base year total collections, the income
tax rate reduction threshold, and the comparison year
total collections,
b. if the comparison year total collections amount
exceeds the base year total collections amount plus
the income tax reduction cost threshold, the tax rates
otherwise prescribed pursuant to subsection D of
Section 2355 of Title 68 of the Oklahoma Statutes
shall be reduced according to the provisions of
Section 2355 of Title 68 of the Oklahoma Statutes and
any reduction in such rates shall become effective on
the January 1 date following the final February
certification by the State Board of Equalization that
an income tax rate reduction is authorized by the
provisions of this act, and
c. with respect to all subsequent meetings of the Board,
the Board shall make a preliminary finding at its
December meeting each year and, if the requirements of
this act are fulfilled, the State Board shall make a
final determination at its February meeting each year
whether the comparison year total collections exceeds
the base year total collections plus the income tax
reduction cost threshold, and a reduction in the
income tax rates otherwise prescribed pursuant to
paragraphs 1 and 2 of subsection D of Section 2355 of
Title 68 of the Oklahoma Statutes shall be implemented
and any reduction in such rates shall become effective
on the January 1 date following the final February
certification by the State Board of Equalization that
an income tax rate reduction is authorized by the
provisions of this act.
3. In addition to any other requirements of this act for the
implementation of a reduction of individual income tax rates
pursuant to this subsection and pursuant to subsection E of Section
2355 of Title 68 of the Oklahoma Statutes, at the State Board of
Equalization meeting to be held in December 2026, the State Board
ENR. H. B. NO. 4072 Page 15
must certify that the revenues accruing to certified funds during
the first five and one-half (5 1/2) months of fiscal year ending
June 30, 2027, were within ninety-five percent (95%) of the estimate
made in February 2026, and no revenue failure was declared.
SECTION 9. AMENDATORY 62 O.S. 2021, Section 71.1, as
amended by Section 4, Chapter 308, O.S.L. 2025 (62 O.S. Supp. 2025,
Section 71.1), is amended to read as follows:
Section 71.1. A. There is hereby created the Invest in
Oklahoma Board. The Board shall consist of five (5) members as
follows:
1. The Governor, or designee;
2. The Lieutenant Governor, or designee;
3. The State Treasurer, or designee;
4. An appointee of the Speaker of the House of Representatives
who shall serve at the Speaker's pleasure; and
5. An appointee of the President Pro Tempore of the Oklahoma
State Senate who shall serve at the President Pro Tempore's
pleasure.
B. The appointed and designated members shall have no direct or
indirect business relationship with the State Treasurer or the State
Treasurer's Office.
C. The Governor or Governor's designee shall serve as
chairperson.
D. The Board shall hold regular meetings not less than one per
quarter, and at such other times as it deems necessary for the
performance of its duties. The date, time and place of the meetings
shall be set by the chairperson. The State Treasurer shall provide
the administrative support required by the Board. The Board shall
be staffed by efforts under the control of the State Treasurer who
shall prepare all materials and information needed by the Board to
perform its duties and responsibilities. Meetings of the Board
shall be subject to the Oklahoma Open Meeting Act, and their records
shall be public records pursuant to the Oklahoma Open Records Act.
ENR. H. B. NO. 4072 Page 16
E. The Board shall develop a standardized and uniform reporting
system which the State Treasurer shall use to make the reports
required by Section 89.7 of this title. The Board shall prescribe
such forms in order to obtain an objective and accurate analysis of
the investment of state funds by the State Treasurer and to obtain
an accurate analysis of investment performance according to an
objective standard established by the Board. The Board shall not be
subject to the provisions of the Administrative Procedures Act for
purposes of developing the reporting system required by this
subsection. The Board shall review the reports prepared by the
State Treasurer pursuant to Section 89.7 of this title. The Board
shall review with the State Treasurer investment strategies and
practices and the development of internal auditing procedures and
practices. The Board shall review the reports submitted by the
State Treasurer and shall identify any event, transaction or trend
which the Board determines to represent a violation or potential
violation of law or public policy regarding the investment of state
funds. The Board shall specifically identify its concerns or
objections and shall communicate such concerns or objections in
writing to the State Treasurer.
F. The State Treasurer shall maintain a report available to
each member of the Board which specifically identifies entities with
whom or with which the State Treasurer has transacted business
related to investment of any state funds. Any person or entity to
whom or to which any form of compensation has been or will be paid
for services rendered to the State Treasurer's Office related to the
investment of state funds shall be identified in such report. Such
report shall also be available to the Director of the Office of
Management and Enterprise Services, the State Auditor and Inspector,
the Speaker of the House of Representatives, the President Pro
Tempore of the Senate and the Governor.
G. Members of the Board shall serve without compensation,
except for travel, pursuant to the State Travel Reimbursement Act,
to be paid by the appointing authority.
H. The Board shall establish and adopt investment parameters
related to investments in Oklahoma-based private equity funds,
venture capital funds, growth funds, and direct investments in
Oklahoma companies authorized under the Invest in Oklahoma program;
provided that by a unanimous vote of the Board such parameters may
be exceeded with regard to investments to the extent allowable under
the Oklahoma Constitution.
ENR. H. B. NO. 4072 Page 17
I. The Board shall exercise confirmation and approval authority
over the appointment and contractual relationships of qualified
investment advisors and fiduciary managers engaged by the State
Treasurer to assist in the selection of the investments authorized
under the Invest in Oklahoma program.
K. The Board shall fulfill the duties assigned to the Board
pursuant to the Taxpayer Endowment Trust Fund Act.
SECTION 10. AMENDATORY 62 O.S. 2021, Section 2402, as
amended by Section 2, Chapter 308, O.S.L. 2025 (62 O.S. Supp. 2025,
Section 2402), is amended to read as follows:
Section 2402. The following public entities are encouraged to
and may invest up to five percent (5%) of their rolling three (3)
year assets under management with the Invest In Oklahoma Program
approved venture capital and growth funds as provided in Section 2
of this act:
1. The Board of Investors of the Tobacco Settlement Endowment
Trust Fund;
2. The Commissioners of the Land Office;
3. The Teachers’ Retirement System of Oklahoma;
4. The Oklahoma Public Employees Retirement System;
5. The Oklahoma Firefighters Pension and Retirement System;
6. The Oklahoma Police Pension and Retirement System;
7. The Oklahoma Law Enforcement Retirement System;
8. The Uniform Retirement System for Justices and Judges; and
9. The Department of Wildlife Conservation Retirement Fund; and
10. The Taxpayer Endowment Trust Fund.
B. The State Treasurer, acting within parameters established by
the Invest in Oklahoma Board is authorized to and may place cash
balance amounts in service with the Invest In Oklahoma program. For
purposes of this subsection, the term "cash balance amounts" shall
not include any monies deposited in or directed for deposit to:
ENR. H. B. NO. 4072 Page 18
1. The General Revenue Fund;
2. The Revenue Stabilization Fund;
3. The Education Reform Revolving Fund;
4. The Rate Preservation Fund;
5. Any Fund created under the Oklahoma Constitution;
6. Any fund from which the Legislature through law has
authorized, appropriated, or transferred monies within the preceding
three (3) fiscal years; or
7. Any revolving fund in the State Treasury specified for
direct appropriation or authorization from the Legislature, or any
revolving fund assigned to a state agency, unless such state agency
specifically authorizes such investments from such fund and such
authorization was approved by Invest in Oklahoma Board.
SECTION 11. AMENDATORY 68 O.S. 2021, Section 1004, as
last amended by Section 2, Chapter 490, O.S.L. 2025 (68 O.S. Supp.
2025, Section 1004), is amended to read as follows:
Section 1004. A. As used in this section:
1. "Moving five-year average amount for gas" means, for
purposes of the apportionments prescribed by this section, the
amount of gross production tax on natural gas collected for each of
the five (5) complete fiscal years, as computed by the State Board
of Equalization pursuant to Section 34.103 of Title 62 of the
Oklahoma Statutes; and
2. "Moving five-year average amount for oil" means, for
purposes of the apportionments prescribed by this section, the
amount of gross production tax on oil collected for each of the five
(5) complete fiscal years, as computed by the State Board of
Equalization pursuant to Section 34.103 of Title 62 of the Oklahoma
Statutes.
B. Beginning July 1, 2017, the gross production tax provided
for in Section 1001 of this title is hereby levied and shall be
collected and apportioned as follows:
ENR. H. B. NO. 4072 Page 19
1. For all monies collected from the tax levied on asphalt or
ores bearing uranium, lead, zinc, jack, gold, silver or copper:
a. eighty-five and seventy-two one-hundredths percent
(85.72%) shall be paid to the State Treasurer of the
state to be placed in the General Revenue Fund of the
state and used for the general expense of state
government, to be paid out pursuant to direct
appropriation by the Legislature,
b. seven and fourteen one-hundredths percent (7.14%) of
the sum collected from natural gas and/or casinghead
gas or asphalt or ores bearing uranium, lead, zinc,
jack, gold, silver or copper shall be paid to the
various county treasurers to be credited to the County
Highway Fund as follows: Each county shall receive a
proportionate share of the funds available based upon
the proportion of the total value of production from
such county in the corresponding month of the
preceding year, and
c. seven and fourteen one-hundredths percent (7.14%)
shall be allocated to each county as provided for in
subparagraph b of this paragraph and shall be
apportioned, on an average daily attendance per capita
distribution basis, as certified by the State
Superintendent of Public Instruction to the school
districts of the county where such pupils attend
school regardless of residence of such pupil, provided
the school district makes an ad valorem tax levy of
fifteen (15) mills for the current year and maintains
twelve (12) years of instruction;
2. For all monies collected from the tax levied on natural gas
and/or casinghead gas at a tax rate of seven percent (7%) pursuant
to the provisions of subsection B of Section 1001 of this title:
a. after the total revenue apportioned to the General
Revenue Fund as prescribed by subparagraph b of this
paragraph equals the moving five-year average amount
for gas as defined by paragraph 1 of subsection A of
this section, there shall be apportioned from the
gross production tax levy imposed pursuant to Section
1001 of this title on natural gas and/or casinghead
gas:
ENR. H. B. NO. 4072 Page 20
(1) seventy-five percent (75%) to the Revenue
Stabilization Fund created by Section 34.102 of
Title 62 of the Oklahoma Statutes, the amount of
revenue, if any, which exceeds the moving five-
year average amount for gas as defined pursuant
to paragraph 1 of subsection A of this section,
and
(2) twenty-five percent (25%) to the Taxpayer
Endowment Trust Fund created by Section 3 of this
act, the amount of revenue, if any, which exceeds
the moving five-year average amount for gas as
defined pursuant to paragraph 1 of subsection A
of this section,
b. until the apportionment to the General Revenue Fund
equals the moving five-year average amount for gas as
prescribed by paragraph 1 of subsection A of this
section, eighty-five and seventy-two one-hundredths
percent (85.72%) shall be paid to the State Treasurer
of the state to be placed in the General Revenue Fund
of the state and used for the general expense of state
government, to be paid out pursuant to direct
appropriation by the Legislature,
c. before any other apportionment of revenue has been
made pursuant to this paragraph, seven and fourteen
one-hundredths percent (7.14%) of the sum collected
from natural gas and/or casinghead gas shall be paid
to the various county treasurers to be credited to the
County Highway Fund as follows: Each county shall
receive a proportionate share of the funds available
based upon the proportion of the total value of
production from such county in the corresponding month
of the preceding year, and
d. before any other apportionment of revenue has been
made pursuant to this paragraph, seven and fourteen
one-hundredths percent (7.14%) shall be allocated to
each county as provided for in subparagraph c of this
paragraph and shall be apportioned, on an average
daily attendance per capita distribution basis, as
certified by the State Superintendent of Public
Instruction to the school districts of the county
ENR. H. B. NO. 4072 Page 21
where such pupils attend school regardless of
residence of such pupil, provided the school district
makes an ad valorem tax levy of fifteen (15) mills for
the current year and maintains twelve (12) years of
instruction;
3. For all monies collected from the tax levied on natural gas
and/or casinghead gas at a tax rate of four percent (4%) pursuant to
the provisions of subsection B of Section 1001 of this title:
a. after the total revenue apportioned to the General
Revenue Fund as prescribed by subparagraph b of this
paragraph equals the moving five-year average amount
for gas as defined by paragraph 1 of subsection A of
this section, there shall be apportioned from the
gross production tax levy imposed pursuant to Section
1001 of this title on natural gas and/or casinghead
gas:
(1) seventy-five percent (75%) to the Revenue
Stabilization Fund created pursuant to Section
34.102 of Title 62 of the Oklahoma Statutes, the
amount of revenue, if any, which exceeds the
moving five-year average amount for gas as
defined pursuant to paragraph 1 of subsection A
of this section, and
(2) twenty-five percent (25%) to the Taxpayer
Endowment Trust Fund created by Section 3 of this
act, the amount of revenue, if any, which exceeds
the moving five-year average amount for gas as
defined pursuant to paragraph 1 of subsection A
of this section,
b. until the apportionment to the General Revenue Fund
equals the moving five-year average amount for gas as
prescribed by paragraph 1 of subsection A of this
section, seventy-five percent (75%) shall be paid to
the State Treasurer of the state to be placed in the
General Revenue Fund of the state and used for the
general expense of state government, to be paid out
pursuant to direct appropriation by the Legislature,
c. before any other apportionment of revenue has been
made pursuant to this paragraph, twelve and one-half
ENR. H. B. NO. 4072 Page 22
percent (12.5%) of the sum collected from natural gas
and/or casinghead gas shall be paid to the various
county treasurers to be credited to the County Highway
Fund as follows: Each county shall receive a
proportionate share of the funds available based upon
the proportion of the total value of production from
such county in the corresponding month of the
preceding year, and
d. before any other apportionment of revenue has been
made pursuant to this paragraph, twelve and one-half
percent (12.5%) shall be allocated to each county as
provided for in subparagraph c of this paragraph and
shall be apportioned, on an average daily attendance
per capita distribution basis, as certified by the
State Superintendent of Public Instruction to the
school districts of the county where such pupils
attend school regardless of residence of such pupil,
provided the school district makes an ad valorem tax
levy of fifteen (15) mills for the current year and
maintains twelve (12) years of instruction;
4. For all monies collected from the tax levied on natural gas
and/or casinghead gas at a tax rate of one percent (1%) pursuant to
the provisions of subsection B of Section 1001 of this title:
a. fifty percent (50%) of the sum collected from natural
gas and/or casinghead gas shall be paid to the various
county treasurers to be credited to the County Highway
Fund as follows: Each county shall receive a
proportionate share of the funds available based upon
the proportion of the total value of production from
such county in the corresponding month of the
preceding year, and
b. fifty percent (50%) shall be allocated to each county
as provided for in subparagraph a of this paragraph
and shall be apportioned, on an average daily
attendance per capita distribution basis, as certified
by the State Superintendent of Public Instruction to
the school districts of the county where such pupils
attend school regardless of residence of such pupil,
provided the school district makes an ad valorem tax
levy of fifteen (15) mills for the current year and
maintains twelve (12) years of instruction;
ENR. H. B. NO. 4072 Page 23
5. For all monies collected from the tax levied on natural gas
and/or casinghead gas at a tax rate of two percent (2%) pursuant to
the provisions of paragraph 3 of subsection B of Section 1001 of
this title:
a. after the total revenue apportioned to the General
Revenue Fund as prescribed by subparagraph b of this
paragraph equals the moving five-year average amount
for gas as defined by paragraph 1 of subsection A of
this section, there shall be apportioned from the
gross production tax levy imposed pursuant to Section
1001 of this title on gas:
(1) seventy-five percent (75%) to the Revenue
Stabilization Fund created by Section 34.102 of
Title 62 of the Oklahoma Statutes, the amount of
revenue, if any, which exceeds the moving five-
year average amount for natural gas and/or
casinghead gas as defined pursuant to paragraph 1
of subsection A of this section, and
(2) twenty-five percent (25%) to the Taxpayer
Endowment Trust Fund created by Section 3 of this
act, the amount of revenue, if any, which exceeds
the moving five-year average amount for natural
gas and/or casinghead gas as defined pursuant to
paragraph 1 of subsection A of this section,
b. until the apportionment to the General Revenue Fund
equals the moving five-year average amount for gas as
prescribed by paragraph 1 of subsection A of this
section, fifty percent (50%) shall be paid to the
State Treasurer to be placed in the General Revenue
Fund of the state and used for the general expense of
state government, to be paid out pursuant to direct
appropriation by the Legislature,
c. before any other apportionment of revenue has been
made pursuant to this paragraph, twenty-five percent
(25%) of the sum collected from natural gas and/or
casinghead gas shall be paid to the various county
treasurers to be credited to the County Highway Fund
as follows: Each county shall receive a proportionate
share of the funds available based upon the proportion
ENR. H. B. NO. 4072 Page 24
of the total value of production from such county in
the corresponding month of the preceding year, and
d. before any other apportionment of revenue has been
made pursuant to this paragraph, twenty-five percent
(25%) shall be allocated to each county as provided
for in subparagraph c of this paragraph and shall be
apportioned on an average daily attendance per capita
distribution basis, as certified by the State
Superintendent of Public Instruction, to the school
districts of the county where such pupils attend
school regardless of residence of such pupil, provided
the school district makes an ad valorem tax levy of
fifteen (15) mills for the current year and maintains
twelve (12) years of instruction;
6. For all monies collected from the tax levied on oil at a tax
rate of seven percent (7%) pursuant to the provisions of subsection
B of Section 1001 of this title:
a. there shall be apportioned from the gross production
tax levy imposed pursuant to Section 1001 of this
title on oil:
(1) seventy-five percent (75%) to the Revenue
Stabilization Fund created by Section 34.102 of
Title 62 of the Oklahoma Statutes, after the
applicable maximum amount prescribed by
subsection C of this section has been deposited
to the funds therein specified, the amount of
revenue, if any, which would otherwise be
apportioned to the General Revenue Fund and which
exceeds the moving five-year average amount for
oil as defined pursuant to paragraph 2 of
subsection A of this section, and
(2) twenty-five percent (25%) to the Taxpayer
Endowment Trust Fund created by Section 3 of this
act, after the applicable maximum amount
prescribed by subsection C of this section has
been deposited to the funds therein specified,
the amount of revenue, if any, which would
otherwise be apportioned to the General Revenue
Fund and which exceeds the moving five-year
ENR. H. B. NO. 4072 Page 25
average amount for oil as defined pursuant to
paragraph 2 of subsection A of this section,
b. before any other apportionment of revenue has been
made pursuant to this paragraph, twenty-five and
seventy-two one-hundredths percent (25.72%) shall be
paid to the State Treasurer to be placed in the Common
Education Technology Revolving Fund created in Section
34.90 of Title 62 of the Oklahoma Statutes,
c. before any other apportionment of revenue has been
made pursuant to this paragraph, twenty-five and
seventy-two one-hundredths percent (25.72%) shall be
paid to the State Treasurer to be placed in the Higher
Education Capital Revolving Fund created in Section
34.91 of Title 62 of the Oklahoma Statutes,
d. before any other apportionment of revenue has been
made pursuant to this paragraph, twenty-five and
seventy-two one-hundredths percent (25.72%) shall be
paid to the State Treasurer to be placed in the
Oklahoma Student Aid Revolving Fund created in Section
34.92 of Title 62 of the Oklahoma Statutes,
e. before any other apportionment of revenue has been
made pursuant to this paragraph, three and seven
hundred forty-five one-thousandths percent (3.745%)
shall be distributed to the various counties of the
state for deposit into the County Bridge and Road
Improvement Fund of each county based on a formula
developed by the Department of Transportation and
approved by the Department of Transportation County
Advisory Board created pursuant to Section 302.1 of
Title 69 of the Oklahoma Statutes to be used for the
purposes set forth in the County Bridge and Road
Improvement Act. The formula shall be similar to the
formula currently used for the distribution of monies
in the County Bridge Program funds, but shall also
take into consideration the effect of the terrain and
traffic volume as related to county road improvement
and maintenance costs,
f. before any other apportionment of revenue has been
made pursuant to this paragraph, four and twenty-eight
ENR. H. B. NO. 4072 Page 26
one-hundredths percent (4.28%) shall be paid to the
State Treasurer to be apportioned to:
(1) the following sources and in the following
amounts through the fiscal year ending June 30,
2027:
(a) thirty-three and one-third percent (33 1/3%)
to the Oklahoma Tourism and Recreation
Department Capital Expenditure Revolving
Fund created pursuant to Section 2254.1 of
Title 74 of the Oklahoma Statutes,
(b) thirty-three and one-third percent (33 1/3%)
to the Oklahoma Conservation Commission
Infrastructure Revolving Fund created
pursuant to Section 3-2-110 of Title 27A of
the Oklahoma Statutes, and
(c) thirty-three and one-third percent (33 1/3%)
to the Community Water Infrastructure
Development Revolving Fund created pursuant
to Section 1085.7A of Title 82 of the
Oklahoma Statutes, and
(2) the Oklahoma Water Resources Board Rural Economic
Action Plan Water Projects Fund for the fiscal
year beginning July 1, 2027, and for each fiscal
year thereafter,
g. before any other apportionment of revenue has been
made pursuant to this paragraph, seven and fourteen
one-hundredths percent (7.14%) of the sum collected
from oil shall be paid to the various county
treasurers, to be credited to the County Highway Fund
as follows: Each county shall receive a proportionate
share of the funds available based upon the proportion
of the total value of production from such county in
the corresponding month of the preceding year,
h. before any other apportionment of revenue has been
made pursuant to this paragraph, seven and fourteen
one-hundredths percent (7.14%) shall be allocated to
each county as provided in subparagraph g of this
paragraph and shall be apportioned, on an average
ENR. H. B. NO. 4072 Page 27
daily attendance per capita distribution basis, as
certified by the State Superintendent of Public
Instruction, to the school districts of the county
where such pupils attend school regardless of
residence of such pupil, provided the school district
makes an ad valorem tax levy of fifteen (15) mills for
the current year and maintains twelve (12) years of
instruction, and
i. before any other apportionment of revenue has been
made pursuant to this paragraph, five hundred thirty-
five one-thousandths percent (0.535%) of the levy
shall be transmitted by the Oklahoma Tax Commission to
the Statewide Circuit Engineering District Revolving
Fund as created in Section 687.2 of Title 69 of the
Oklahoma Statutes;
7. For all monies collected from the tax levied on oil at a tax
rate of four percent (4%) pursuant to the provisions of subsection B
of Section 1001 of this title:
a. there shall be apportioned from the gross production
tax levy imposed pursuant to Section 1001 of this
title on oil:
(1) seventy-five percent (75%) to the Revenue
Stabilization Fund created by Section 34.102 of
Title 62 of the Oklahoma Statutes, after the
applicable maximum amount prescribed by
subsection C of this section has been deposited
to the funds therein specified, the amount of
revenue, if any, which would otherwise be
apportioned to the General Revenue Fund and which
exceeds the moving five-year average amount for
oil as defined pursuant to paragraph 2 of
subsection A of this section, and
(2) twenty-five percent (25%) to the Taxpayer
Endowment Trust Fund created by Section 3 of this
act, after the applicable maximum amount
prescribed by subsection C of this section has
been deposited to the funds therein specified,
the amount of revenue, if any, which would
otherwise be apportioned to the General Revenue
Fund and which exceeds the moving five-year
ENR. H. B. NO. 4072 Page 28
average amount for oil as defined pursuant to
paragraph 2 of subsection A of this section,
b. before any other apportionment of revenue has been
made pursuant to this paragraph, twenty-two and one-
half percent (22.5%) shall be paid to the State
Treasurer to be placed in the Common Education
Technology Revolving Fund created in Section 34.90 of
Title 62 of the Oklahoma Statutes,
c. before any other apportionment of revenue has been
made pursuant to this paragraph, twenty-two and one-
half percent (22.5%) shall be paid to the State
Treasurer to be placed in the Higher Education Capital
Revolving Fund created in Section 34.91 of Title 62 of
the Oklahoma Statutes,
d. before any other apportionment of revenue has been
made pursuant to this paragraph, twenty-two and one-
half percent (22.5%) shall be paid to the State
Treasurer to be placed in the Oklahoma Student Aid
Revolving Fund created in Section 34.92 of Title 62 of
the Oklahoma Statutes,
e. before any other apportionment of revenue has been
made pursuant to this paragraph, three and twenty-
eight one-hundredths percent (3.28%) shall be
distributed to the various counties of the state for
deposit into the County Bridge and Road Improvement
Fund of each county based on a formula developed by
the Department of Transportation and approved by the
Department of Transportation County Advisory Board
created pursuant to Section 302.1 of Title 69 of the
Oklahoma Statutes to be used for the purposes set
forth in the County Bridge and Road Improvement Act.
The formula shall be similar to the formula currently
used for the distribution of monies in the County
Bridge Program funds, but shall also take into
consideration the effect of the terrain and traffic
volume as related to county road improvement and
maintenance costs,
f. before any other apportionment of revenue has been
made pursuant to this paragraph, three and seventy-
ENR. H. B. NO. 4072 Page 29
five one-hundredths percent (3.75%) shall be paid to
the State Treasurer to be apportioned to:
(1) the following sources and in the following
amounts through the fiscal year ending June 30,
2027:
(a) thirty-three and one-third percent (33 1/3%)
to the Oklahoma Tourism and Recreation
Department Capital Expenditure Revolving
Fund created pursuant to Section 2254.1 of
Title 74 of the Oklahoma Statutes,
(b) thirty-three and one-third percent (33 1/3%)
to the Oklahoma Conservation Commission
Infrastructure Revolving Fund created
pursuant to Section 3-2-110 of Title 27A of
the Oklahoma Statutes, and
(c) thirty-three and one-third percent (33 1/3%)
to the Community Water Infrastructure
Development Revolving Fund created pursuant
to Section 1085.7A of Title 82 of the
Oklahoma Statutes, and
(2) the Oklahoma Water Resources Board Rural Economic
Action Plan Water Projects Fund for the fiscal
year beginning July 1, 2027, and for each fiscal
year thereafter,
g. before any other apportionment of revenue has been
made pursuant to this paragraph, twelve and one-half
percent (12.5%) of the sum collected from oil shall be
paid to the various county treasurers, to be credited
to the County Highway Fund as follows: Each county
shall receive a proportionate share of the funds
available based upon the proportion of the total value
of production from such county in the corresponding
month of the preceding year,
h. before any other apportionment of revenue has been
made pursuant to this paragraph, twelve and one-half
percent (12.5%) shall be allocated to each county as
provided in subparagraph g of this paragraph and shall
be apportioned on an average daily attendance per
ENR. H. B. NO. 4072 Page 30
capita distribution basis, as certified by the State
Superintendent of Public Instruction, to the school
districts of the county where such pupils attend
school regardless of residence of such pupil, provided
the school district makes an ad valorem tax levy of
fifteen (15) mills for the current year and maintains
twelve (12) years of instruction, and
i. before any other apportionment of revenue has been
made pursuant to this paragraph, forty-seven one-
hundredths percent (0.47%) of the levy shall be
transmitted by the Tax Commission to the Statewide
Circuit Engineering District Revolving Fund as created
in Section 687.2 of Title 69 of the Oklahoma Statutes;
8. For all monies collected from the tax levied on oil at a tax
rate of one percent (1%) pursuant to the provisions of subsection B
of Section 1001 of this title:
a. fifty percent (50%) of the sum collected shall be paid
to the various county treasurers, to be credited to
the County Highway Fund as follows: Each county shall
receive a proportionate share of the funds available
based upon the proportion of the total value of
production from such county in the corresponding month
of the preceding year, and
b. fifty percent (50%) shall be allocated to each county
as provided for in subparagraph a of this paragraph
and shall be apportioned on an average daily
attendance per capita distribution basis, as certified
by the State Superintendent of Public Instruction, to
the school districts of the county where such pupils
attend school regardless of residence of such pupil,
provided the school district makes an ad valorem tax
levy of fifteen (15) mills for the current year and
maintains twelve (12) years of instruction;
9. For all monies collected from the tax levied on oil at a tax
rate of two percent (2%) pursuant to the provisions of paragraph 3
of subsection B of Section 1001 of this title:
a. there shall be apportioned from the gross production
tax levy imposed pursuant to Section 1001 of this
title on oil:
ENR. H. B. NO. 4072 Page 31
(1) seventy-five percent (75%) to the Revenue
Stabilization Fund created by Section 34.102 of
Title 62 of the Oklahoma Statutes, the amount of
revenue, if any, which exceeds the moving five-
year average amount for oil as defined pursuant
to paragraph 2 of subsection A of this section,
and
(2) twenty-five percent (25%) to the Taxpayer
Endowment Trust Fund created by Section 3 of this
act, the amount of revenue, if any, which exceeds
the moving five-year average amount for oil as
defined pursuant to paragraph 2 of subsection A
of this section,
b. until the apportionment to the General Revenue Fund
equals the moving five-year average amount for oil as
prescribed by paragraph 2 of subsection A of this
section, fifty percent (50%) shall be paid to the
State Treasurer to be placed in the General Revenue
Fund of the state and used for the general expense of
state government, to be paid out pursuant to direct
appropriation by the Legislature,
c. before any other apportionment of revenue has been
made pursuant to this paragraph, twenty-five percent
(25%) of the sum collected from oil shall be paid to
the various county treasurers, to be credited to the
County Highway Fund as follows: Each county shall
receive a proportionate share of the funds available
based upon the proportion of the total value of
production from such county in the corresponding month
of the preceding year, and
d. before any other apportionment of revenue has been
made pursuant to this paragraph, twenty-five percent
(25%) shall be allocated to each county as provided in
subparagraph c of this paragraph and shall be
apportioned on an average daily attendance per capita
distribution basis, as certified by the State
Superintendent of Public Instruction, to the school
districts of the county where such pupils attend
school regardless of residence of such pupil, provided
the school district makes an ad valorem tax levy of
ENR. H. B. NO. 4072 Page 32
fifteen (15) mills for the current year and maintains
twelve (12) years of instruction;
10. On or after June 28, 2018 and before July 1, 2025, the
gross production tax levied on natural gas or casinghead gas at the
rate of five percent (5%) provided for in paragraph 3 of subsection
B of Section 1001 of this title shall be apportioned as follows:
a. after the total revenue apportioned to the General
Revenue Fund as prescribed by subparagraph b of this
paragraph equals the moving five-year average amount
for gas as defined by paragraph 1 of subsection A of
this section, there shall be apportioned from the
gross production tax levy imposed pursuant to Section
1001 of this title on natural gas and/or casinghead
gas:
(1) seventy-five percent (75%) to the Revenue
Stabilization Fund created pursuant to Section
34.102 of Title 62 of the Oklahoma Statutes, the
amount of revenue, if any, which exceeds the
moving five-year average amount for gas as
defined pursuant to paragraph 1 of subsection A
of this section, and
(2) twenty-five percent (25%) to the Taxpayer
Endowment Trust Fund created by Section 3 of this
act, the amount of revenue, if any, which exceeds
the moving five-year average amount for gas as
defined pursuant to paragraph 1 of subsection A
of this section,
b. until the apportionment to the General Revenue Fund
equals the moving five-year average amount for gas as
prescribed by paragraph 1 of subsection A of this
section, eighty percent (80%) shall be paid to the
State Treasurer of the state to be placed in the
General Revenue Fund of the state and used for the
general expense of state government, to be paid out
pursuant to direct appropriation by the Legislature,
c. before any other apportionment of revenue has been
made pursuant to this paragraph, ten percent (10%) of
the sum collected from natural gas and/or casinghead
gas shall be paid to the various county treasurers to
ENR. H. B. NO. 4072 Page 33
be credited to the County Highway Fund as follows:
Each county shall receive a proportionate share of the
funds available based upon the proportion of the total
value of production from such county in the
corresponding month of the preceding year,
d. before any other apportionment of revenue has been
made pursuant to this paragraph, ten percent (10%)
shall be allocated to each county as provided for in
subparagraph c of this paragraph and shall be
apportioned, on an average daily attendance per capita
distribution basis, as certified by the State
Superintendent of Public Instruction to the school
districts of the county where such pupils attend
school regardless of residence of such pupil, provided
the school district makes an ad valorem tax levy of
fifteen (15) mills for the current year and maintains
twelve (12) years of instruction;
11. Beginning July 1, 2025, the gross production tax levied on
natural gas or casinghead gas at the rate of five percent (5%)
provided for in paragraph 3 of subsection B of Section 1001 of this
title shall be apportioned as follows:
a. after the total revenue apportioned to the General
Revenue Fund as prescribed by subparagraph b of this
paragraph equals the moving five-year average amount
for gas as defined by paragraph 1 of subsection A of
this section, there shall be apportioned from the
gross production tax levy imposed pursuant to Section
1001 of this title on natural gas and/or casinghead
gas:
(1) seventy-five percent (75%) to the Revenue
Stabilization Fund created pursuant to Section
34.102 of Title 62 of the Oklahoma Statutes, the
amount of revenue, if any, which exceeds the
moving five-year average amount for gas as
defined pursuant to paragraph 1 of subsection A
of this section, and
(2) twenty-five percent (25%) to the Taxpayer
Endowment Trust Fund created by Section 3 of this
act, the amount of revenue, if any, which exceeds
the moving five-year average amount for gas as
ENR. H. B. NO. 4072 Page 34
defined pursuant to paragraph 1 of subsection A
of this section,
b. until the apportionment to the General Revenue Fund
equals the moving five-year average amount for gas as
prescribed by paragraph 1 of subsection A of this
section, forty percent (40%) shall be paid to the
State Treasurer of the state to be placed in the
General Revenue Fund of the state and used for the
general expense of state government, to be paid out
pursuant to direct appropriation by the Legislature,
c. before any other apportionment of revenue has been
made pursuant to this paragraph, ten percent (10%) of
the sum collected from natural gas and/or casinghead
gas shall be paid to the various county treasurers to
be credited to the County Highway Fund as follows:
Each county shall receive a proportionate share of the
funds available based upon the proportion of the total
value of production from such county in the
corresponding month of the preceding year,
d. before any other apportionment of revenue has been
made pursuant to this paragraph, ten percent (10%)
shall be allocated to each county as provided for in
subparagraph c of this paragraph and shall be
apportioned, on an average daily attendance per capita
distribution basis, as certified by the State
Superintendent of Public Instruction to the school
districts of the county where such pupils attend
school regardless of residence of such pupil, provided
the school district makes an ad valorem tax levy of
fifteen (15) mills for the current year and maintains
twelve (12) years of instruction, and
e. before any other apportionment of revenue has been
made pursuant to this paragraph, forty percent (40%)
shall be remitted to the State Treasurer to be
credited to the Preserving and Advancing County
Transportation Fund created in Section 1 508 of this
act Title 69 of the Oklahoma Statutes, but in no event
shall the total amount apportioned in any fiscal year
pursuant to this subparagraph exceed Seventy-five
Million Dollars ($75,000,000.00). Any amounts in
excess of Seventy-five Million Dollars
ENR. H. B. NO. 4072 Page 35
($75,000,000.00) shall be placed in the General
Revenue Fund of the state and used for the general
expense of state government, to be paid out pursuant
to direct appropriation by the Legislature; and
12. On or after June 28, 2018, the gross production tax on oil
levied at the rate of five percent (5%) provided for in paragraph 3
of subsection B of Section 1001 of this title shall be apportioned
as follows:
a. there shall be apportioned from the gross production
tax levy imposed pursuant to Section 1001 of this
title on oil:
(1) seventy-five percent (75%) to the Revenue
Stabilization Fund created by Section 34.102 of
Title 62 of the Oklahoma Statutes, after the
applicable maximum amount prescribed by
subsection C of this section has been deposited
to the funds therein specified, the amount of
revenue, if any, which would otherwise be
apportioned to the General Revenue Fund and which
exceeds the moving five-year average amount for
oil as defined pursuant to paragraph 2 of
subsection A of this section, and
(2) twenty-five percent (25%) to the Taxpayer
Endowment Trust Fund created by Section 3 of this
act, after the applicable maximum amount
prescribed by subsection C of this section has
been deposited to the funds therein specified,
the amount of revenue, if any, which would
otherwise be apportioned to the General Revenue
Fund and which exceeds the moving five-year
average amount for oil as defined pursuant to
paragraph 2 of subsection A of this section,
b. before any other apportionment of revenue has been
made pursuant to this paragraph, twenty-three and
seventy-five one-hundredths percent (23.75%) shall be
paid to the State Treasurer to be placed in the Common
Education Technology Revolving Fund created in Section
34.90 of Title 62 of the Oklahoma Statutes,
ENR. H. B. NO. 4072 Page 36
c. before any other apportionment of revenue has been
made pursuant to this paragraph, twenty-three and
seventy-five one-hundredths percent (23.75%) shall be
paid to the State Treasurer to be placed in the Higher
Education Capital Revolving Fund created in Section
34.91 of Title 62 of the Oklahoma Statutes,
d. before any other apportionment of revenue has been
made pursuant to this paragraph, twenty-three and
seventy-five one-hundredths percent (23.75%) shall be
paid to the State Treasurer to be placed in the
Oklahoma Student Aid Revolving Fund created in Section
34.92 of Title 62 of the Oklahoma Statutes,
e. before any other apportionment of revenue has been
made pursuant to this paragraph, three and twenty-
eight one-hundredths percent (3.28%) shall be
distributed to the various counties of the state for
deposit into the County Bridge and Road Improvement
Fund of each county based on a formula developed by
the Department of Transportation and approved by the
Department of Transportation County Advisory Board
created pursuant to Section 302.1 of Title 69 of the
Oklahoma Statutes to be used for the purposes set
forth in the County Bridge and Road Improvement Act.
The formula shall be similar to the formula currently
used for the distribution of monies in the County
Bridge Program funds, but shall also take into
consideration the effect of the terrain and traffic
volume as related to county road improvement and
maintenance costs,
f. before any other apportionment of revenue has been
made pursuant to this paragraph, five percent (5%)
shall be paid to the State Treasurer to be apportioned
to:
(1) the following sources and in the following
amounts through the fiscal year ending June 30,
2027:
(a) thirty-three and one-third percent (33 1/3%)
to the Oklahoma Tourism and Recreation
Department Capital Expenditure Revolving
ENR. H. B. NO. 4072 Page 37
Fund created pursuant to Section 2254.1 of
Title 74 of the Oklahoma Statutes,
(b) thirty-three and one-third percent (33 1/3%)
to the Oklahoma Conservation Commission
Infrastructure Revolving Fund created
pursuant to Section 3-2-110 of Title 27A of
the Oklahoma Statutes, and
(c) thirty-three and one-third percent (33 1/3%)
to the Community Water Infrastructure
Development Revolving Fund created pursuant
to Section 1085.7A of Title 82 of the
Oklahoma Statutes, and
(2) the Oklahoma Water Resources Board Rural Economic
Action Plan Water Projects Fund for the fiscal
year beginning July 1, 2027, and for each fiscal
year thereafter,
g. before any other apportionment of revenue has been
made pursuant to this paragraph, ten percent (10%) of
the sum collected from oil shall be paid to the
various county treasurers, to be credited to the
County Highway Fund as follows: Each county shall
receive a proportionate share of the funds available
based upon the proportion of the total value of
production from such county in the corresponding month
of the preceding year,
h. before any other apportionment of revenue has been
made pursuant to this paragraph, ten percent (10%)
shall be allocated to each county as provided in
subparagraph g of this paragraph and shall be
apportioned on an average daily attendance per capita
distribution basis, as certified by the State
Superintendent of Public Instruction, to the school
districts of the county where such pupils attend
school regardless of residence of such pupil, provided
the school district makes an ad valorem tax levy of
fifteen (15) mills for the current year and maintains
twelve (12) years of instruction, and
i. before any other apportionment of revenue has been
made pursuant to this paragraph, forty-seven one-
ENR. H. B. NO. 4072 Page 38
hundredths percent (0.47%) of the levy shall be
transmitted by the Tax Commission to the Statewide
Circuit Engineering District Revolving Fund as created
in Section 687.2 of Title 69 of the Oklahoma Statutes.
C. Provided, notwithstanding any other provision of this
section, the total amounts deposited to the Common Education
Technology Revolving Fund, the Higher Education Capital Revolving
Fund, the Oklahoma Student Aid Revolving Fund, the Rural Economic
Action Plan Water Projects Fund, the Oklahoma Tourism and Recreation
Department Capital Expenditure Revolving Fund, the Oklahoma
Conservation Commission Infrastructure Revolving Fund and the
Community Water Infrastructure Development Revolving Fund pursuant
to paragraphs 6, 7 and 11 of subsection B of this section shall not
exceed One Hundred Fifty Million Dollars ($150,000,000.00) in any
fiscal year. Except as otherwise provided in this subsection, all
sums in excess of One Hundred Fifty Million Dollars
($150,000,000.00) in any fiscal year which would otherwise be
deposited in such funds shall be apportioned by the Oklahoma Tax
Commission to the General Revenue Fund of the state.
SECTION 12. AMENDATORY 68 O.S. 2021, Section 2352, is
amended to read as follows:
Section 2352. It is hereby declared to be the purpose of
Section 2351 et seq. of this title to provide revenue for general
governmental functions of state government; and, for that purpose
and to that end, it is expressly declared that the revenue derived
herefrom and penalties and interest thereon, subject to the
apportionment requirements for the Rebuilding Oklahoma Access and
Driver Safety Fund, the Oklahoma Tourism and Passenger Rail
Revolving Fund, the Public Transit Revolving Fund and the Education
Reform Revolving Fund to be derived from income tax revenue that
would otherwise be apportioned to the General Revenue Fund as
provided by Section 1521 of Title 69 of the Oklahoma Statutes,
subject to the apportionment requirements for the Oklahoma Tax
Commission and Office of Management and Enterprise Services Joint
Computer Enhancement Fund provided by Section 265 of this title, and
subject to the apportionment requirements for the Oklahoma State
Capitol Building Repair and Restoration Fund provided by Section 19
of Title 73 of the Oklahoma Statutes, shall be distributed as
follows:
1. For the fiscal year beginning July 1, 2002, the first Five
Million Eight Hundred Thousand Dollars ($5,800,000.00) of revenue
ENR. H. B. NO. 4072 Page 39
derived pursuant to the provisions of subsections A, B and E of
Section 2355 of this title shall be apportioned to the Education
Reform Revolving Fund. The remainder of such revenue for the fiscal
year beginning July 1, 2002, and all such revenue for each fiscal
year thereafter shall be apportioned monthly as follows:
a. the following amounts shall be paid to the State
Treasurer to be placed to the credit of the General
Revenue Fund of the state for such fiscal year for the
support of the state government to be paid out only
pursuant to appropriation by the Legislature:
Fiscal Year Amount
FY 2003 and FY 2004 87.12%
FY 2005 86.91%
FY 2006 86.66%
FY 2007 86.16%
FY 2008 through FY 2022 85.66%
FY 2023 through FY 2027 85.41%
FY 2028 and each fiscal year thereafter 85.66%
Of the funds apportioned to the General Revenue Fund
pursuant to this subparagraph, until the expiration of
the Filmed in Oklahoma Act of 2021 as provided in
Section 11 of this act, Thirty Million Dollars
($30,000,000.00) shall be transferred to the Oklahoma
Tax Commission for deposit in the Filmed in Oklahoma
Program Revolving Fund,
b. the following amounts shall be paid to the State
Treasurer to be placed to the credit of the Education
Reform Revolving Fund of the State Department of
Education:
(1) for FY 2003 through FY 2020, eight and thirty-
four one-hundredths percent (8.34%),
(2) for FY 2021:
ENR. H. B. NO. 4072 Page 40
(a) for the month beginning July 1, 2020,
through the month ending August 31, 2020,
eight and thirty-four one-hundredths percent
(8.34%), and
(b) for the month beginning September 1, 2020,
through the month ending June 30, 2021, nine
and eighty-four one-hundredths percent
(9.84%),
(3) for FY 2022 and each fiscal year thereafter,
eight and thirty-four one-hundredths percent
(8.34%) shall be paid to the State Treasurer to
be placed to the credit of the Education Reform
Revolving Fund,
c. the following amounts shall be paid to the State
Treasurer to be placed to the credit of the Teachers'
Retirement System Dedicated Revenue Revolving Fund:
Fiscal Year Amount
FY 2003 and FY 2004 3.54%
FY 2005 3.75%
FY 2006 4.0%
FY 2007 4.5%
FY 2008 through FY 2020 5.0%
FY 2021:
(1) for the month beginning
July 1, 2020, through
the month ending August
31, 2020 5.0%
(2) for the month beginning
September 1, 2020,
through the month ending
June 30, 2021 3.5%
ENR. H. B. NO. 4072 Page 41
FY 2022 5.0%
FY 2023 through FY 2027 5.25%
FY 2028 and each fiscal
year thereafter 5.0%
d. for FY 2003 and each fiscal year thereafter, one
percent (1%) shall be placed to the credit of the Ad
Valorem Reimbursement Fund;
2. Beginning July 1, 2003, for any period of time as certified
by the Oklahoma Development Finance Authority and the Oklahoma
Department of Commerce to be necessary for the repayment of
obligations issued by the Oklahoma Development Finance Authority
pursuant to Section 3654 of this title if the other sources of
revenue paid to or apportioned to the Quality Jobs Program Incentive
Leverage Fund are not adequate including the proceeds from payment
pursuant to the guaranty required by subsection M of Section 3654 of
this title, an amount certified by the Oklahoma Development Finance
Authority to the Oklahoma Tax Commission shall be apportioned to the
Quality Jobs Program Incentive Leverage Fund before any other
apportionments are made as otherwise authorized by this paragraph.
The Oklahoma Development Finance Authority shall certify to the
Oklahoma Tax Commission the time as of which the revenue authorized
for apportionment pursuant to this paragraph is no longer required.
After the certification, the revenue derived from the income tax
shall be apportioned in the manner otherwise provided by this
section. Except as otherwise provided by this paragraph, for the
fiscal year beginning July 1, 2002, the first Forty-one Million One
Hundred Ninety Thousand Eight Hundred Dollars ($41,190,800.00) of
revenue derived pursuant to the provisions of subsections D and E of
Section 2355 of this title shall be apportioned to the Education
Reform Revolving Fund. The remainder of such revenue for the fiscal
year beginning July 1, 2002, and all such revenue for each fiscal
year thereafter, subject to the apportionment requirements for the
Oklahoma Tax Commission and Office of Management and Enterprise
Services Joint Computer Enhancement Fund provided by Section 265 of
this title, shall be apportioned monthly as follows:
a. the following amounts shall be paid to the State
Treasurer to be placed to the credit of the General
Revenue Fund of the state for such fiscal year for the
support of the state government to be paid out only
pursuant to appropriation by the Legislature:
ENR. H. B. NO. 4072 Page 42
Fiscal Year Amount
FY 2003 and FY 2004 78.96%
FY 2005 78.75%
FY 2006 78.50%
FY 2007 78.0%
(1) (a) FY 2018 through FY 2022
until the apportionment to
the General Revenue Fund
equals the moving five-
year average amount for
corporate income tax as
prescribed by paragraph 3
of this section 77.50%
(b) FY 2023 through FY 2027
until the apportionment to
the General Revenue Fund
equals the moving five-
year average amount for
corporate income tax as
prescribed by paragraph 3
of this section 77.25%
(c) FY 2028 and each fiscal
year thereafter until the
apportionment to the
General Revenue Fund
equals the moving five-
year average amount for
corporate income tax as
prescribed by paragraph 3
of this section 77.50%
(2) there shall be apportioned from the tax levy
imposed on corporate income tax:
(a) seventy-five percent (75%) to the Revenue
Stabilization Fund created by Section 34.102
of Title 62 of the Oklahoma Statutes, or to
ENR. H. B. NO. 4072 Page 43
the Constitutional Reserve Fund, as provided
by Section 34.102 of Title 62 of the
Oklahoma Statutes, of the amount of revenue,
if any, which exceeds the moving five-year
average amount as defined pursuant to
paragraph 3 of this section, and
(b) twenty-five percent (25%) to the Taxpayer
Endowment Trust Fund created by Section 3 of
this act, of the amount of revenue, if any,
which exceeds the moving five-year average
amount as defined pursuant to paragraph 3 of
this section,
b. the following amounts shall be paid to the State
Treasurer to be placed to the credit of the Education
Reform Revolving Fund of the State Department of
Education:
(1) for FY 2003 through FY 2020, sixteen and five-
tenths percent (16.5%),
(2) for FY 2021:
(a) for the month beginning July 1, 2020,
through the month ending August 31, 2020,
sixteen and five-tenths percent (16.5%), and
(b) for the month beginning September 1, 2020,
through the month ending June 30, 2021,
eighteen percent (18%),
(3) for FY 2022, and each fiscal year thereafter,
sixteen and five-tenths percent (16.5%),
c. the following amounts shall be paid to the State
Treasurer to be placed to the credit of the Teachers'
Retirement System Dedicated Revenue Revolving Fund:
Fiscal Year Amount
FY 2003 and FY 2004 3.54%
FY 2005 3.75%
ENR. H. B. NO. 4072 Page 44
FY 2006 4.0%
FY 2007 4.5%
FY 2008 through FY 2020 5.0%
FY 2021:
(1) for the month beginning
July 1, 2020, through
the month ending August
31, 2020 5.0%
(2) for the month beginning
September 1, 2020,
through the month ending
June 30, 2021 3.5%
FY 2022 5.0%
FY 2023 through FY 2027 5.25%
FY 2028 and each fiscal
year thereafter 5.0%
d. for FY 2003 and each fiscal year thereafter, one
percent (1%) shall be placed to the credit of the Ad
Valorem Reimbursement Fund; and
3. "Moving five-year average for corporate income tax" means,
for purposes of the apportionments prescribed by this section, the
amount of income tax on corporations, as determined by the State
Board of Equalization in the manner prescribed by Section 34.103 of
Title 62 of the Oklahoma Statutes.
SECTION 13. The provisions of this act are severable and if any
part or provision shall be held void the decision of the court so
holding shall not affect or impair any of the remaining parts or
provisions of this act.
ENR. H. B. NO. 4072 Page 45
Passed the House of Representatives the 14th day of April, 2026.
Presiding Officer of the House
of Representatives
Passed the Senate the 16th day of April, 2026.
Presiding Officer of the Senate
OFFICE OF THE GOVERNOR
Received by the Office of the Governor this ____________________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________
Approved by the Governor of the State of Oklahoma this _________
day of ___________________, 20_______, at _______ o'clock _______ M.
_________________________________
Governor of the State of Oklahoma
OFFICE OF THE SECRETARY OF STATE
Received by the Office of the Secretary of State this __________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________