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An Act
ENROLLED SENATE
BILL NO. 582 By: Rader of the Senate
and
Pfeiffer of the House
An Act relating to state fiscal affairs; amending 62
O.S. 2021, Section 34.2, which relates to itemized
estimate of funds expected; modifying agency
requirement to provide itemized estimate of funds to
accrue; and providing an effective date.
SUBJECT: State fiscal affairs
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 62 O.S. 2021, Section 34.2, is
amended to read as follows:
Section 34.2. A. Agencies responsible for the collection of
monies deposited to the credit of the General Revenue Fund and each
of the Special Revenue Funds shall be subject to the provisions of
this act. Upon request of the Director of the Office of Management
and Enterprise Services, these agencies shall provide the Director
of the Office of Management and Enterprise Services an itemized
estimate of funds expected to accrue to the General Revenue Fund and
each of the Special Revenue Funds for the ensuing fiscal year in the
manner and form established by the Director, in accordance with the
duties assigned to the State Board of Equalization in Section 23 of
Article X of the Oklahoma Constitution. Each of these agencies
shall also provide to the Director, as requested, a written
explanation of the methodology and relevant assumptions used in
developing the current and future revenue estimates submitted, a
statement of:
1. The prior year’s actual revenue collections;
ENR. S. B. NO. 582 Page 2
2. A projection of the current year’s revenue collections; and
3. Estimated revenue collections for the ensuing fiscal year
and the following two (2) fiscal years. No expenditure shall be
made from any General Revenue Fund or Special Revenue Fund until
such fund has been assigned to an agency by law or by the Director
of the Office of Management and Enterprise Services.
B. In addition to providing the information listed above, the
Oklahoma Tax Commission shall also provide to the Director of the
Office of Management and Enterprise Services a comprehensive
economic report no later than two (2) weeks prior to each of the
meetings of the State Board of Equalization pursuant to paragraphs 1
and 3 of Section 23 of Article X of the Constitution of the State of
Oklahoma. Each report shall include a summary of recent national
and state economic performance and a forecast of national and state
economic performance for the current fiscal year, and the ensuing
fiscal year and the following two (2) fiscal years. These reports
shall be considered a basis upon which the itemized revenue
estimates of the Commission are developed. The report shall include
an analysis of the relative accuracy of the economic forecasts on
which the previous and current fiscal years’ revenue estimates were
based.
C. The Tax Commission shall also provide all estimates,
explanations, statements, projections, reports and other documents
required by this section to the President Pro Tempore of the Senate,
members of the Senate Appropriations and Finance Committees, the
Speaker of the House of Representatives and members of the House
Appropriations and Budget Committee at the same time that such
documents are provided to the Director of the Office of Management
and Enterprise Services.
SECTION 2. This act shall become effective November 1, 2025.
ENR. S. B. NO. 582 Page 3
Passed the Senate the 12th day of March, 2025.
Presiding Officer of the Senate
Passed the House of Representatives the 29th day of April, 2025.
Presiding Officer of the House
of Representatives
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: _________________________________