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53	53	STATE OF OKLAHOMA
54	54
55	55	1st Session of the 58th Legislature (2021)
56	56
57	57	SENATE BILL 943 By: Howard
58	58
59	59
60	60
61	61
62	62
63	63	AS INTRODUCED
64	64
65	65	An Act relating to insurance premium tax; ame nding 36
66	66	O.S. 2011, Section 312.1, as las t amended by Section
67	67	1, Chapter 16, O.S.L. 2020 (36 O.S. Supp. 2020,
68	68	Section 312.1), which relates to the apportionment of
69	69	premium tax collections; modifying apportionments to
70	70	certain retirement systems ; and providing an
71	71	effective date.
72	72
73	73
74	74
75	75
76	76
77	77	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
78	78	SECTION 1. AMENDATORY 36 O.S. 2011, Section 312.1, as
79	79	last amended by Section 1, Chapter 16, O.S. L. 2020 (36 O.S. Supp.
80	80	2020, Section 312.1), is amended to read as follows:
81	81	Section 312.1. A. For the fiscal year ending June 30, 2004 ,
82	82	the Insurance Commissioner shall report and disburse one hundred
83	83	percent (100%) of the fees and tax es collected under Section 624 of
84	84	this title to the State Treasurer to be deposited to the credit of
85	85	the Education Reform Revolving Fund of the State Depar tment of
86	86	Education. The Insurance Commissioner shall keep an accurate record
87	87	of all such funds and m ake an itemized statement and furnish same to
88	88	the State Auditor and Inspector, as to all other departmen ts of this
89	89
90	90
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140	140	state. The report shall be accompanied by an affidavit of the
141	141	Insurance Commissioner or the Chief Clerk of such office certifying
142	142	to the correctness thereof.
143	143	B. The Insurance Commissioner shall apportion an amount of the
144	144	taxes and fees receive d from Section 624 of this title, which shall
145	145	be at least One Million Two Hundred Fifty Thousand Dollars
146	146	($1,250,000.00) each year, but which shall also be computed on an
147	147	annual basis by the Commissioner as the amount o f insurance premium
148	148	tax revenue loss attributable to the provisions of subsection H of
149	149	Section 625.1 of this title and increased if necessary to reflect
150	150	the annual computation, and which sh all be apportioned before any
151	151	other amounts, as follows:
152	152	1. The following amounts shall be paid to the Oklahoma
153	153	Firefighters Pension and Retirement Fund i n the manner provided for
154	154	in Sections 49-119, 49-120 and 49-123 of Title 11 of the Oklahoma
155	155	Statutes:
156	156	Fiscal Year Amount
157	157	FY 2006 through FY 2020 65.0%
158	158	FY 2021 as follows:
159	159	a. for the month beginning July 1,
160	160	2020, through the month ending
161	161	August 31, 2020 65.0%
162	162
163	163
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213	213	b. for the month beginning September
214	214	1, 2020, through the month ending
215	215	June 30, 2021 45.5%
216	216	FY 2022 and each fiscal year thereafter 48.75%
217	217	FY 2023 and each fiscal yea r thereafter 65.0%;
218	218	2. The following amounts shall be paid to the Oklahoma Police
219	219	Pension and Retirement System pursuant to the provisions of Sections
220	220	50-101 through 50-136 of Title 11 of the Oklahoma Statut es:
221	221	Fiscal Year Amount
222	222	FY 2006 through FY 2020 26.0%
223	223	FY 2021 as follows:
224	224	a. for the month beginning July 1,
225	225	2020, through the month endi ng
226	226	August 31, 2020 26.0%
227	227	b. for the month beginning September
228	228	1, 2020, through the month ending
229	229	June 30, 2021 18.2%
230	230	FY 2022 and each fiscal year thereafter 19.5%
231	231	FY 2023 and each fiscal year thereafter 26.0%;
232	232	3. The following amounts shall be paid to the Law Enforcement
233	233	Retirement Fund:
234	234	Fiscal Year Amount
235	235	FY 2006 through FY 2020 9.0%
236	236	FY 2021 as follows:
237	237
238	238
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288	288	a. for the month beginning July 1,
289	289	2020, through the month endin g
290	290	August 31, 2020 9.0%
291	291	b. for the month beginning September
292	292	1, 2020, through the month endi ng
293	293	June 30, 2021 6.3%
294	294	FY 2022 and each fiscal year thereafter 6.75%
295	295	FY 2023 and each fiscal year thereafter 9.0%; and
296	296	4. The following amounts shall be paid to the Edu cation Reform
297	297	Revolving Fund of the State Department of Education:
298	298	Fiscal Year Amount
299	299	FY 2021 as follows:
300	300	for the month beginning September 1,
301	301	2020, through the month ending June 30,
302	302	2021 30.0%
303	303	FY 2022 and each fiscal year thereafter 25.0%.
304	304	C. After the apportionment required by subsection B of this
305	305	section, for the fiscal years beginning Ju ly 1, 2004, and ending
306	306	June 30, 2009, the Insurance Commissioner shall report and disburse
307	307	all of the fees and taxes col lected under Section 624 of this title
308	308	and Section 2204 of this title, and the same a re hereby apportioned
309	309	as follows:
310	310	1. Thirty-four percent (34%) of the taxes collected on premiums
311	311	shall be allocated and disbursed for the Oklahoma Firefighters
312	312
313	313
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363	363	Pension and Retirement Fund, in the manner provided for i n Sections
364	364	49-119, 49-120 and 49-123 of Title 11 of the Oklah oma Statutes;
365	365	2. Seventeen percent (17%) of the taxes collected on premiums
366	366	shall be allocated and disbursed to the Oklahoma Police Pension and
367	367	Retirement System pursuant to the provisions of Se ctions 50-101
368	368	through 50-136 of Title 11 of the Oklahoma Stat utes;
369	369	3. Six and one-tenth percent (6.1%) of the taxes collected on
370	370	premiums shall be allocated and disbursed to the Law Enforcement
371	371	Retirement Fund; and
372	372	4. All the balance and remainder of the taxes and fees provided
373	373	in Section 624 of this title shall b e paid to the State Treasur er to
374	374	the credit of the General Revenue Fund of the state to provide
375	375	revenue for general functions of state government. The Insurance
376	376	Commissioner shall keep an accura te record of all such funds and
377	377	make an itemized statement an d furnish same to the State Auditor and
378	378	Inspector, as to all other departments of this state. The report
379	379	shall be accompanied by an affidavit of t he Insurance Commissioner
380	380	or the Chief Clerk of such office certifying to the correct ness
381	381	thereof.
382	382	D. After the apportionment required by subsection B of this
383	383	section, the Insurance Commissioner shall report and disburse all of
384	384	the fees and taxes collecte d under Section 624 of this title and
385	385	Section 2204 of this title, and the same are he reby apportioned as
386	386	follows:
387	387
388	388
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438	438	1. Of the taxes colle cted on premiums the following shall be
439	439	allocated and disbursed for the Oklahoma Firefighters Pension and
440	440	Retirement Fund, in the manner provided for in Sections 49 -119, 49-
441	441	120 and 49-123 of Title 11 of th e Oklahoma Statutes:
442	442	Fiscal Year Amount
443	443	FY 2006 through FY 2020 36.0%
444	444	FY 2021 as follows:
445	445	a. for the month beginning July 1,
446	446	2020, through the month ending
447	447	August 31, 2020 36.0%
448	448	b. for the month beginning September
449	449	1, 2020, through the month ending
450	450	June 30, 2021 25.2%
451	451	FY 2022 27.0%
452	452	FY 2023 through FY 2027 39.6%
453	453	FY 2028 and each fiscal year thereafter 36.0%;
454	454	2. Of the taxes collected on premiums the following shall be
455	455	allocated and disbursed to the Oklahoma Police Pensio n and
456	456	Retirement System pursuant to t he provisions of Section s 50-101
457	457	through 50-136 of Title 11 of the Oklahoma Statutes:
458	458	Fiscal Year Amount
459	459	FY 2006 through FY 2020 14.0%
460	460	FY 2021 as follows:
461	461
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512	512	a. for the month beginning July 1,
513	513	2020, through the month endin g
514	514	August 31, 2020 14.0%
515	515	b. for the month beginning September
516	516	1, 2020, through the month ending
517	517	June 30, 2021 9.8%
518	518	FY 2022 10.5%
519	519	FY 2023 through FY 2027 15.4%
520	520	FY 2028 and each fiscal year thereafter 14.0%;
521	521	3. Of the taxes collected on premiums the followin g shall be
522	522	allocated and disbursed to the Law Enforcement Ret irement Fund:
523	523	Fiscal Year Amount
524	524	FY 2006 through FY 2020 5.0%
525	525	FY 2021 as follows:
526	526	a. for the month beginning July 1,
527	527	2020, through the month ending
528	528	August 31, 2020 5.0%
529	529	b. for the month beginning September
530	530	1, 2020, through the month ending
531	531	June 30, 2021 3.5%
532	532	FY 2022 3.75%
533	533	FY 2023 through FY 2027 5.5%
534	534	FY 2028 and each fiscal year thereafter 5.0%;
535	535
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586	586	4. The following amounts shall be paid to the Educatio n Reform
587	587	Revolving Fund of the State Department of Education:
588	588	Fiscal Year Amount
589	589	FY 2021 as follows:
590	590	for the month beginning September 1 ,
591	591	2020, through the month ending June 30,
592	592	2021 16.5%
593	593	FY 2022 and each fiscal year thereafter 13.75%; and
594	594	5. In addition to the allocations made pursuant to paragraphs
595	595	1, 2 and 3 of this subsection, of the taxes collected on premiums
596	596	the following amounts shall be allocated and disbursed annually for
597	597	FY 2023 through FY 2027:
598	598	a. Eighty-one Thousand Two Hundred Fifty Dollars
599	599	($81,250.00) to the Oklahoma Firefighters Pension an d
600	600	Retirement Fund,
601	601	b. Thirty-two Thousand Five Hundred Dollars ($32,500.00)
602	602	to the Oklahoma Police Pension and Retirement System,
603	603	and
604	604	c. Eleven Thousand Two Hundred Fifty Dollars ($11,250.00)
605	605	to the Oklahoma Law Enforcement Retirement Fund; and
606	606	6. All the balance and remainder of the tax es and fees provided
607	607	in Section 624 of this title s hall be paid to the State Treasurer to
608	608	the credit of the General Revenue Fund of the state to provide
609	609	revenue for general fu nctions of state government. The Insurance
610	610
611	611
612	612	Req. No. 699 Page 9 1
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661	661	Commissioner shall keep an accurate r ecord of all such funds and
662	662	make an itemized statem ent and furnish same to the State Auditor and
663	663	Inspector, as to all other departments of this state. The report
664	664	shall be accompanied by an affidavit of the Insurance Commis sioner
665	665	or the Chief Clerk of such office certifying to the correctness
666	666	thereof.
667	667	E. The disbursements provided for in subsections A, B, C and D
668	668	of this section shall be made monthly. The Insurance Commission er
669	669	shall report annually to the Governor, the Sp eaker of the House of
670	670	Representatives, the President Pro Tempore of the Senate and t he
671	671	State Auditor and Inspector, the amounts collected and disbursed
672	672	pursuant to this section.
673	673	F. Notwithstanding any other provision of law to the contrary,
674	674	no tax credit authorized by law enacted on or a fter July 1, 2008,
675	675	which may be used to reduce any insurance premium tax liability
676	676	shall be used to reduce the amount of insurance premium tax revenue
677	677	apportioned to the Oklah oma Firefighters Pension and Retirement
678	678	System, the Oklahoma Police Pension and R etirement System, the
679	679	Oklahoma Law Enforcement Reti rement System or the Education Reform
680	680	Revolving Fund.
681	681	SECTION 2. This act shall become effective November 1 , 2021.
682	682
683	683	58-1-699 QD 1/21/2021 7:12:56 PM

Oklahoma 2022 Regular Session

Oklahoma Senate Bill SB943 Compare Versions