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53	53	STATE OF OKLAHOMA
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55	55	1st Session of the 58th Legislature (2021)
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57	57	SENATE BILL 813 By: Standridge
58	58
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63	63	AS INTRODUCED
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65	65	An Act relating to income tax credit; creating the
66	66	Tobacco Settlement Taxpayer Rel ief Fund; making funds
67	67	nonfiscal; stating source of revenue; stating purpose
68	68	of fund; requiring the Oklaho ma Tax Commission to
69	69	calculate a sufficient credit; providing for
70	70	disposition of unused credit; providing for
71	71	codification; and providing conditional effective
72	72	date.
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77	77	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
78	78	SECTION 1. NEW LAW A new sect ion of law to be codified
79	79	in the Oklahoma Statutes as Section 2358.11 of Title 68, unless
80	80	there is created a dupl ication in numbering, reads as follows:
81	81	A. There is hereby created in the State Treasury a revolving
82	82	fund for the Oklahoma Tax Commission to b e designated the “Tobacco
83	83	Settlement Taxpayer Relief Revolvin g Fund”. The fund shall be a
84	84	continuing fund, not s ubject to fiscal year limitations, and shall
85	85	consist of the monies transferred to such fund pursuant to Section
86	86	40 of Article X of the Oklahoma Constitution. All monies accruing
87	87	to the credit of the fund are hereby appropriated and may be
88	88	budgeted and expended by the Oklahoma Tax Commission for the purpose
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140	140	of providing a credit to Oklahoma residents who have filed an income
141	141	tax return pursuant to Section 2355 of Title 68 of the Oklahoma
142	142	Statutes for each tax year, except for those residents who were
143	143	inmates in the custody of the Department of Corrections, and fo r the
144	144	purpose of administrative costs incurred by the Oklahoma Tax
145	145	Commission in providing the credits provided by this section. The
146	146	credits to taxpayers filing as married filing jointly, surviving
147	147	spouse or head of household shall be equal to two times t he credit
148	148	to taxpayers filing as an individual or married filing separately.
149	149	No taxpayer filing as an individual who claims zero personal
150	150	exemptions shall receive a credit. During each year funds accrue
151	151	pursuant to this section, the Oklahoma Tax Commissi on shall provide
152	152	the qualifying income taxpayers a credit sufficient to expe nd the
153	153	most funds accrued during the year as can reasonably be calculat ed
154	154	by forecasting the expected number of q ualifying filers for that tax
155	155	year; provided, monies shall remain in the fund to provide for
156	156	credits and expenses for the subsequent tax y ear. Expenditures from
157	157	the fund shall be made upon warrants issued by the S tate Treasurer
158	158	against claims filed as prescribed by law with the Director of the
159	159	Office of Management and En terprise Services for approval and
160	160	payment.
161	161	B. The amount of the credit provided in subsection A of this
162	162	section but not used in any taxable year shall be returned to the
163	163	credit of the Tobacco Settlement Taxpayer Relief Revolving Fund.
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215	215	SECTION 2. The provisions of this act shall not beco me
216	216	effective as law unless Enrolled Senate Joint Resolution No. ___ of
217	217	the 1st Session of the 58th Oklahoma Legislature becomes effective
218	218	as law.
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220	220	58-1-294 QD 1/21/2021 3:05:45 PM

Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB813 Compare Versions