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