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STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
SENATE BILL 1404 By: Kirt
AS INTRODUCED
An Act relating to state fiscal affairs; amending 62
O.S. 2021, Section 34.102, which relates to the
Revenue Stabilization Fund; authorizing the
withdrawal of funds upon certain federal shutdown;
limiting amount to be drawn; providing for
expenditure of funds; requiring the Director of the
Office of Management and Enterprise Services to
prepare and submit weekly report; requiring certain
federal funds to be deposited in the Revenue
Stabilization Fund; defining term; updating statutory
reference; updating statutory language; and providing
an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. 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
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Equalization as having been deposited into the General Revenue Fund
for the first fiscal year prior to the beginning of the fiscal year
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 this section, Sections 34.103 and 34.104 of this title, and
Sections 1004 and 2352 of Title 68 of the Oklahoma Statutes;
provided that no deposits shall be made during a fiscal year where
the State Board of Equalization General Revenue Fund certification
for said such 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
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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 J of this section, the
Revenue Stabilization Fund shall consist of:
1. One hundred percent (100%) 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;
2. One hundred percent (100%) 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
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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
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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
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. 1. In the event of a federal government shutdown of longer
than fifteen (15) days, 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 funding required to:
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a. pay the salaries of state employees who are either
partially or fully paid by federal funds and who have
been furloughed as a result of the federal government
shutdown. Provided, only the portion of salaries
affected by the lapse of federal funds shall be paid
with the balance of the Revenue Stabilization Fund
authorized to be expended pursuant to this subsection,
and
b. pay for the portion of Supplemental Nutrition
Assistance Program benefits to individuals enrolled in
the program that are reduced or eliminated as a result
of the federal government shutdown.
2. Each week in which a federal government shutdown exceeding
fifteen (15) days occurs, the Director of the Office of Management
and Enterprise Services shall prepare and electronically submit a
report to the Governor, the President Pro Tempore of the Senate, and
the Speaker of the House of Representatives that contains the
following information:
a. any amount withdrawn from the Revenue Stabilization
Fund pursuant to the provisions of this subsection,
b. the number of state employees who have been furloughed
or have had salaries reduced due to the federal
government shutdown, including the amount of salary
reduction,
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c. the amount of salaries paid pursuant to the provisions
of this subsection,
d. the number of Supplemental Nutrition Assistance
Program enrollees that have had benefits reduced or
eliminated by the federal shutdown, including the
total amount of benefit reductions, and
e. the amount of benefits paid pursuant to the provisions
of this subsection.
3. If, upon the end of a federal government shutdown, the
federal government provides funds to pay for the portion of salaries
of state employees that were paid pursuant to the provisions of this
section, those funds shall be deposited in the Revenue Stabilization
Fund.
4. If, upon the end of a federal government shutdown, the
federal government provides funds to pay benefits reduced or
eliminated by the federal shutdown that were paid pursuant to the
provisions of this section, those funds shall be deposited in the
Revenue Stabilization Fund.
5. As used in this subsection, “federal government shutdown”
shall mean the same as the term “covered lapse in appropriations” as
defined in 31 U.S.C., Section 1341(c)(1)(A).
I. 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
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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. J. If during the State 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 2. This act shall become effective November 1, 2026.
60-2-3102 QD 12/31/2025 2:04:25 AM