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STATE OF OKLAHOMA
1st Session of the 58th Legislature (2021)
SENATE BILL 943 By: Howard
AS INTRODUCED
An Act relating to insurance premium tax; ame nding 36
O.S. 2011, Section 312.1, as las t amended by Section
1, Chapter 16, O.S.L. 2020 (36 O.S. Supp. 2020,
Section 312.1), which relates to the apportionment of
premium tax collections; modifying apportionments to
certain retirement systems ; and providing an
effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 36 O.S. 2011, Section 312.1, as
last amended by Section 1, Chapter 16, O.S. L. 2020 (36 O.S. Supp.
2020, Section 312.1), is amended to read as follows:
Section 312.1. A. For the fiscal year ending June 30, 2004 ,
the Insurance Commissioner shall report and disburse one hundred
percent (100%) of the fees and tax es collected under Section 624 of
this title to the State Treasurer to be deposited to the credit of
the Education Reform Revolving Fund of the State Depar tment of
Education. The Insurance Commissioner shall keep an accurate record
of all such funds and m ake an itemized statement and furnish same to
the State Auditor and Inspector, as to all other departmen ts of this
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state. The report shall be accompanied by an affidavit of the
Insurance Commissioner or the Chief Clerk of such office certifying
to the correctness thereof.
B. The Insurance Commissioner shall apportion an amount of the
taxes and fees receive d from Section 624 of this title, which shall
be at least One Million Two Hundred Fifty Thousand Dollars
($1,250,000.00) each year, but which shall also be computed on an
annual basis by the Commissioner as the amount o f insurance premium
tax revenue loss attributable to the provisions of subsection H of
Section 625.1 of this title and increased if necessary to reflect
the annual computation, and which sh all be apportioned before any
other amounts, as follows:
1. The following amounts shall be paid to the Oklahoma
Firefighters Pension and Retirement Fund i n the manner provided for
in Sections 49-119, 49-120 and 49-123 of Title 11 of the Oklahoma
Statutes:
Fiscal Year Amount
FY 2006 through FY 2020 65.0%
FY 2021 as follows:
a. for the month beginning July 1,
2020, through the month ending
August 31, 2020 65.0%
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b. for the month beginning September
1, 2020, through the month ending
June 30, 2021 45.5%
FY 2022 and each fiscal year thereafter 48.75%
FY 2023 and each fiscal yea r thereafter 65.0%;
2. The following amounts shall be paid to the Oklahoma Police
Pension and Retirement System pursuant to the provisions of Sections
50-101 through 50-136 of Title 11 of the Oklahoma Statut es:
Fiscal Year Amount
FY 2006 through FY 2020 26.0%
FY 2021 as follows:
a. for the month beginning July 1,
2020, through the month endi ng
August 31, 2020 26.0%
b. for the month beginning September
1, 2020, through the month ending
June 30, 2021 18.2%
FY 2022 and each fiscal year thereafter 19.5%
FY 2023 and each fiscal year thereafter 26.0%;
3. The following amounts shall be paid to the Law Enforcement
Retirement Fund:
Fiscal Year Amount
FY 2006 through FY 2020 9.0%
FY 2021 as follows:
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a. for the month beginning July 1,
2020, through the month endin g
August 31, 2020 9.0%
b. for the month beginning September
1, 2020, through the month endi ng
June 30, 2021 6.3%
FY 2022 and each fiscal year thereafter 6.75%
FY 2023 and each fiscal year thereafter 9.0%; and
4. The following amounts shall be paid to the Edu cation Reform
Revolving Fund of the State Department of Education:
Fiscal Year Amount
FY 2021 as follows:
for the month beginning September 1,
2020, through the month ending June 30,
2021 30.0%
FY 2022 and each fiscal year thereafter 25.0%.
C. After the apportionment required by subsection B of this
section, for the fiscal years beginning Ju ly 1, 2004, and ending
June 30, 2009, the Insurance Commissioner shall report and disburse
all of the fees and taxes col lected under Section 624 of this title
and Section 2204 of this title, and the same a re hereby apportioned
as follows:
1. Thirty-four percent (34%) of the taxes collected on premiums
shall be allocated and disbursed for the Oklahoma Firefighters
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Pension and Retirement Fund, in the manner provided for i n Sections
49-119, 49-120 and 49-123 of Title 11 of the Oklah oma Statutes;
2. Seventeen percent (17%) of the taxes collected on premiums
shall be allocated and disbursed to the Oklahoma Police Pension and
Retirement System pursuant to the provisions of Se ctions 50-101
through 50-136 of Title 11 of the Oklahoma Stat utes;
3. Six and one-tenth percent (6.1%) of the taxes collected on
premiums shall be allocated and disbursed to the Law Enforcement
Retirement Fund; and
4. All the balance and remainder of the taxes and fees provided
in Section 624 of this title shall b e paid to the State Treasur er to
the credit of the General Revenue Fund of the state to provide
revenue for general functions of state government. The Insurance
Commissioner shall keep an accura te record of all such funds and
make an itemized statement an d furnish same to the State Auditor and
Inspector, as to all other departments of this state. The report
shall be accompanied by an affidavit of t he Insurance Commissioner
or the Chief Clerk of such office certifying to the correct ness
thereof.
D. After the apportionment required by subsection B of this
section, the Insurance Commissioner shall report and disburse all of
the fees and taxes collecte d under Section 624 of this title and
Section 2204 of this title, and the same are he reby apportioned as
follows:
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1. Of the taxes colle cted on premiums the following shall be
allocated and disbursed for the Oklahoma Firefighters Pension and
Retirement Fund, in the manner provided for in Sections 49 -119, 49-
120 and 49-123 of Title 11 of th e Oklahoma Statutes:
Fiscal Year Amount
FY 2006 through FY 2020 36.0%
FY 2021 as follows:
a. for the month beginning July 1,
2020, through the month ending
August 31, 2020 36.0%
b. for the month beginning September
1, 2020, through the month ending
June 30, 2021 25.2%
FY 2022 27.0%
FY 2023 through FY 2027 39.6%
FY 2028 and each fiscal year thereafter 36.0%;
2. Of the taxes collected on premiums the following shall be
allocated and disbursed to the Oklahoma Police Pensio n and
Retirement System pursuant to t he provisions of Section s 50-101
through 50-136 of Title 11 of the Oklahoma Statutes:
Fiscal Year Amount
FY 2006 through FY 2020 14.0%
FY 2021 as follows:
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a. for the month beginning July 1,
2020, through the month endin g
August 31, 2020 14.0%
b. for the month beginning September
1, 2020, through the month ending
June 30, 2021 9.8%
FY 2022 10.5%
FY 2023 through FY 2027 15.4%
FY 2028 and each fiscal year thereafter 14.0%;
3. Of the taxes collected on premiums the followin g shall be
allocated and disbursed to the Law Enforcement Ret irement Fund:
Fiscal Year Amount
FY 2006 through FY 2020 5.0%
FY 2021 as follows:
a. for the month beginning July 1,
2020, through the month ending
August 31, 2020 5.0%
b. for the month beginning September
1, 2020, through the month ending
June 30, 2021 3.5%
FY 2022 3.75%
FY 2023 through FY 2027 5.5%
FY 2028 and each fiscal year thereafter 5.0%;
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4. The following amounts shall be paid to the Educatio n Reform
Revolving Fund of the State Department of Education:
Fiscal Year Amount
FY 2021 as follows:
for the month beginning September 1 ,
2020, through the month ending June 30,
2021 16.5%
FY 2022 and each fiscal year thereafter 13.75%; and
5. In addition to the allocations made pursuant to paragraphs
1, 2 and 3 of this subsection, of the taxes collected on premiums
the following amounts shall be allocated and disbursed annually for
FY 2023 through FY 2027:
a. Eighty-one Thousand Two Hundred Fifty Dollars
($81,250.00) to the Oklahoma Firefighters Pension an d
Retirement Fund,
b. Thirty-two Thousand Five Hundred Dollars ($32,500.00)
to the Oklahoma Police Pension and Retirement System,
and
c. Eleven Thousand Two Hundred Fifty Dollars ($11,250.00)
to the Oklahoma Law Enforcement Retirement Fund; and
6. All the balance and remainder of the tax es and fees provided
in Section 624 of this title s hall be paid to the State Treasurer to
the credit of the General Revenue Fund of the state to provide
revenue for general fu nctions of state government. The Insurance
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Commissioner shall keep an accurate r ecord of all such funds and
make an itemized statem ent and furnish same to the State Auditor and
Inspector, as to all other departments of this state. The report
shall be accompanied by an affidavit of the Insurance Commis sioner
or the Chief Clerk of such office certifying to the correctness
thereof.
E. The disbursements provided for in subsections A, B, C and D
of this section shall be made monthly. The Insurance Commission er
shall report annually to the Governor, the Sp eaker of the House of
Representatives, the President Pro Tempore of the Senate and t he
State Auditor and Inspector, the amounts collected and disbursed
pursuant to this section.
F. Notwithstanding any other provision of law to the contrary,
no tax credit authorized by law enacted on or a fter July 1, 2008,
which may be used to reduce any insurance premium tax liability
shall be used to reduce the amount of insurance premium tax revenue
apportioned to the Oklah oma Firefighters Pension and Retirement
System, the Oklahoma Police Pension and R etirement System, the
Oklahoma Law Enforcement Reti rement System or the Education Reform
Revolving Fund.
SECTION 2. This act shall become effective November 1 , 2021.
58-1-699 QD 1/21/2021 7:12:56 PM