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53	53	STATE OF OKLAHOMA
54	54
55	55	2nd Session of the 58th Legislature (2022)
56	56
57	57	SENATE BILL 1265 By: Montgomery
58	58
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63	63	AS INTRODUCED
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65	65	An Act relating to the Revenue Stabilization Fund;
66	66	amending 62 O.S. 2021, Section 34.102, which relates
67	67	to the Revenue Stabilization Fund deposits; removing
68	68	certain prohibition of deposits to the Fund;
69	69	requiring that deposits exceeding certain limit be
70	70	apportioned for the benefit of common school s; and
71	71	providing an effective date.
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77	77	BE IT ENACTED BY THE PEOPLE OF THE STATE O F OKLAHOMA:
78	78	SECTION 1. AMENDATORY 62 O.S. 2021, Section 34.102, is
79	79	amended to read as follows:
80	80	Section 34.102. A. There is hereby created in the State
81	81	Treasury a revolving fund to be known and designated as the “Revenue
82	82	Stabilization Fund”. The fund shall be a continuing fund, not
83	83	subject to fiscal year limitations.
84	84	B. For determinations made regarding deposits for fiscal years
85	85	beginning on or after July 1, 2019, no monies shall be deposited to
86	86	the credit of the Revenue Stabili zation Fund until such time as the
87	87	amount of actual revenue certified by the State Board of
88	88	Equalization as having been deposited into the General Revenue Fund
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140	140	for the first fiscal year prior to the beginning of the fiscal year
141	141	that deposits to the Revenue Stabilization Fund are first made
142	142	equals or exceeds Six Billion Six Hundred Million Dollars
143	143	($6,600,000,000.00).
144	144	C. Once the provisions prescribed by subsection B of t his
145	145	section have been met, deposits to the Revenue Stabilization Fund as
146	146	prescribed by this section may be made during any subsequent fiscal
147	147	year according to the requirements and lim itations imposed by this
148	148	act Section 34 et seq. of this title ; provided, that no deposits
149	149	shall be made during a fiscal year where the State Board of
150	150	Equalization General Revenue Fund certification for said fiscal year
151	151	is less than the State Board of Equalization General Revenue Fund
152	152	certification for the previous fiscal year plus an increment equal
153	153	to the amount otherwise calculated for deposit pursuant to
154	154	subsection E of this section.
155	155	D. Notwithstanding any other provisions of this section, unless
156	156	such deposits are the result of a direct appropriation to the
157	157	Revenue Stabilization Fund by the Legislature, no m onies shall be
158	158	deposited to the credit of the Revenue Stabilization Fund:
159	159	1. For for any month during a fiscal year after the month
160	160	during which the declaration of a revenue failure purs uant to the
161	161	provisions of Section 34.49 of this title has been made. For
162	162	purposes of this subsection, the limitation on d eposits to the
163	163	Revenue Stabilization Fund shall be imposed for the remaining months
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215	215	of the fiscal year during which the revenue failur e was declared,
216	216	but shall not operate as a limitation upon deposits f or any
217	217	subsequent fiscal year unless a revenue failur e is declared at some
218	218	time during such fiscal year ; or
219	219	2. That would cause deposits to the Revenue Stabilization Fund
220	220	for the fiscal year to exceed three percent (3%) of the State Board
221	221	of Equalization General Revenue Fund certification for that fiscal
222	222	year.
223	223	E. Except as provided in subsection I of this section, the
224	224	Revenue Stabilization Fund shall consist of:
225	225	1. One hundred percent ( 100%) of the revenue derived from the
226	226	gross production tax on oil lev ied pursuant to Section 1001 of Title
227	227	68 of the Oklahoma Statutes which is in excess of the five -year
228	228	average computed as prescribed by Section 34.103 of this title;
229	229	2. One hundred perce nt (100%) of the revenue derived from the
230	230	gross production tax on nat ural gas levied pursuant to Section 1001
231	231	of Title 68 of the Oklahoma Statutes which is in excess of the five -
232	232	year average computed as prescribed by Section 34.103 of this title;
233	233	3. Seventy-five percent (75%) of the revenue derived from
234	234	corporate income tax levied pursuant to Section 2355 of Title 68 of
235	235	the Oklahoma Statutes which is in excess of the five -year average
236	236	computed as prescribed by Section 34.103 of this title; and
237	237	4. Any amounts appropriated by the Legislature.
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289	289	F. 1. Except as provided in pa ragraph 2 of this subsection, in
290	290	the event that a rev enue failure is declared with respect to the
291	291	General Revenue Fund pursuant to Section 34.49 of this title, the
292	292	Director of the Office of Management and Enterprise Services may
293	293	withdraw up to one-quarter (1/4) of the balance of the Revenue
294	294	Stabilization Fund available at the beginning of the fiscal year,
295	295	provided the total amount withdrawn shall not exceed the amount of
296	296	the declared revenue failure, to in equal proportions reduce or
297	297	avoid reductions to age ncies for the current fiscal year and to
298	298	mitigate potential reductions of funds to be expended by common
299	299	school districts which were appropriated or authorized by the
300	300	Legislature, but exc luding any funds which are apportioned directly
301	301	to common school dist ricts.
302	302	2. For the fiscal year ending June 30, 2020, in the event that
303	303	a revenue failure is declared with respect to the General Revenue
304	304	Fund pursuant to Section 34.49 of this title, the Director of the
305	305	Office of Management and Enterprise Services may with draw amounts up
306	306	to a total of one-half (1/2) of the highest balance during the
307	307	fiscal year ending June 30, 2020, of the Revenue Stabilization Fund;
308	308	provided, the total amount withdrawn sh all not exceed the amount of
309	309	the declared revenue failure less any ap propriations made by the
310	310	Legislature to offset such r evenue failure, to in equal proportions
311	311	reduce or avoid reductions to agencies for the fiscal year and to
312	312	mitigate potential reduction s of funds to be expended by common
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364	364	school districts which were appro priated or authorized by the
365	365	Legislature for the fisc al year ending June 30, 2020, but excluding
366	366	any funds which are apportioned directly to common school districts.
367	367	No monies shall be w ithdrawn under the provisions of this subsection
368	368	for the purpose of r educing or avoiding reductions of appropriations
369	369	made pursuant to Section 129 of Enrolled House Bill No. 2765 of the
370	370	1st Session of the 57th Oklahoma Legislature or Section 1 of
371	371	Enrolled Senate Bill No. 1076 of the 1st Session of the 57th
372	372	Oklahoma Legislature.
373	373	G. In the event that a revenue failure is decla red with respect
374	374	to the General Revenue Fund pursuant to Section 34.49 of this title,
375	375	the Legislature may appropriate up to one -quarter (1/4) of the
376	376	balance of the Revenue Stabilization Fund available at the beginning
377	377	of the fiscal year, not to exceed the amount of the revenue failure
378	378	as declared with respect to the General Revenue Fund pursuant to
379	379	Section 34.49 of this title.
380	380	H. If the amount of revenue certified by the State Board of
381	381	Equalization at its February meeting in any year to be collected in
382	382	the General Revenue Fund for the upcoming fiscal year is less than
383	383	the amount of revenue certified by the State Board of Equalization
384	384	to be collected in the General Revenue Fund for the current fiscal
385	385	year as determined at its February meeting conducted in th e
386	386	preceding calendar year, the Legislature may appropriate up to one -
387	387	half (1/2) of the balance of the Revenue Stabilization Fund
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439	439	available at the beginning of the fiscal year; provided, that the
440	440	amount withdrawn shall not exceed the amount of the decline i n
441	441	revenue certified.
442	442	I. If during the Board of Equalization certification process,
443	443	one or more of the revenue sources identified in p aragraphs 1, 2 and
444	444	3 of subsection E of this section are forecasted t o experience a
445	445	revenue decrease, then the total depos its to the Revenue
446	446	Stabilization Fund as otherwise calculated under subsection E of
447	447	this section shall be reduced in an amount equal t o such revenue
448	448	decreases. For purposes of this subsection, “revenue decrease”
449	449	means an identified revenue source derived in an amount less than
450	450	the five-year average for such revenue source.
451	451	J. Monies that would cause deposits to the Revenue
452	452	Stabilization Fund for the fiscal year to exceed three percent (3%)
453	453	of the State Board of Equalization General Revenue Fund
454	454	certification for that fiscal year shall instead be apportioned to
455	455	the permanent school fund of the Commissioners of the Land Office
456	456	for the benefit of the common schools.
457	457	SECTION 2. This act shall become effective November 1, 2022.
458	458
459	459	58-2-2766 QD 1/12/2022 6:14:37 PM

Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB1265 Compare Versions