SENATE FLOOR VERSION - HB2776 SFLR Page 1
(Bold face denotes Committee Amendments) 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
SENATE FLOOR VERSION
April 7, 2021
AS AMENDED
ENGROSSED HOUSE
BILL NO. 2776 By: Pfeiffer of the House
and
Montgomery of the Senate
[ school funding - Protecting Revenues for Oklahoma
Teachers, Educators and Students (PROTEST) Fund - Ad
Valorem Reimbursement Fund - codification - effective
date -
emergency ]
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 Sect ion 3-111.1 of Title 70, unless
there is created a duplication in numbering, reads as follows:
A. There is hereby created in the State Treasury a revolving
fund for the Oklahoma Tax Commission to be designated the
"Protecting Revenues for Oklahoma Teache rs, Educators and Students
(PROTEST) Fund". The fund shall be a continuing fund, not subject
to fiscal year limitations, and shall consist of all monies received
by the Oklahoma Tax Commission from ad valorem funds which are under
protest pursuant to Sect ion 2884 of Title 68 of the Oklahoma
SENATE FLOOR VERSION - HB2776 SFLR Page 2
(Bold face denotes Committee Amendments) 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
Statutes. All monies accruing to the credit of said fund are hereby
appropriated and may be budgeted and expended by the Oklahoma Tax
Commission for the purpose of providing funding to school districts
which are affected by protested ad valorem taxes. Expenditur es from
said fund shall be made upon warrants issued by the State Treasurer
against claims filed as prescribed by law for approval and payment.
B. The board of education of each school district seeking
reimbursement for lost revenue from the Protecting Revenues for
Oklahoma Teachers, Educators and Students (PROTEST) Fund shall make
claims for reimbursement on forms prescribed by the Oklahoma Tax
Commission. A claim for reimbursement shall not exceed fifty
percent (50%) of the amount of ad valorem funds under protest
pursuant to Section 2884 of Title 68 of the Oklahoma Statutes. If
the claim is approved by the Oklahoma Tax Commission , funds shall be
disbursed to the school district board of education. Once the ad
valorem funds which are under protest are settled and disbursed to
the school district, the school district board of educati on shall
reimburse the PROTEST F und.
C. The Oklahoma Tax Commission may promulgate rules to
implement the provisions of this act .
SECTION 2. This act shall become effective July 1, 2021.
SECTION 3. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
SENATE FLOOR VERSION - HB2776 SFLR Page 3
(Bold face denotes Committee Amendments) 1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20
21
22
23
24
declared to exist, by reason whereof t his act shall take effect and
be in full force from and after its passage and approval.
COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS
April 7, 2021 - DO PASS AS AMENDED