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ENGROSSED SENATE
JOINT
RESOLUTION NO. 35 By: Jech of the Senate
and
Newton of the House
[ proposed amendment to the Oklahoma Constitution -
individual income tax collections exceeding certain
amount placed in certain fund - ballot title -
directing filing ]
BE IT RESOLVED BY THE SEN ATE AND THE HOUSE OF RE PRESENTATIVES OF THE
2ND SESSION OF THE 58TH OKLAHOMA LEGISLATURE:
SECTION 1. The Secretary of State shall refer to the people for
their approval or rejection , as and in the manner provided by law,
the following proposed amendment to the Oklahoma Constitution by
adding a new Section 12b to Article X thereof, to read as follows:
Section 12b. A. For any income taxes levied upon individuals
pursuant to Section 1 2 of this Article, if the revenues collected
for any taxable year exceed the average revenues collected from the
previous five (5) years, th ose excess revenues collected shall be
placed in the Taxpayer Allocation Progr am Fund by the State
Treasurer.
B. In the event the balance of the Taxpayer Allocation Program
Fund exceeds Four Hundred Million Dollars ( $400,000,000.00), that
amount shall be expended for the purpose of providing a refundable
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credit to Oklahoma residents who file an individual income tax
return for the following tax year. The credit to taxpayers filing
as married filing jointly, surviving spouse, or head of household
shall be equal to two (2) times the credit to taxpayers filing as an
individual or married filing separately.
SECTION 2. The Ballot Title for the proposed Constitutio nal
amendment as set forth in SECTION 1 of this resolution shall be in
the following form:
BALLOT TITLE
Legislative Referendum No. ____ State Question No. ____
THE GIST OF THE PROPOSITION IS AS FOLL OWS:
This measure amends Article 10 of the Oklahoma Constit ution by
adding a new Section 12b. It requires that individual income
tax revenue collections exceeding the average of the previous
five year’s revenue collections be deposited into a fund known
as the Taxpayer Allocation Program Fund. Whenever the bala nce
of the Taxpayer Allocation Program Fund exceeds Four Hundred
Million Dollars ($400,000,000.00), that amount shall be p rovided
as an income tax credit for Ok lahoma residents the following tax
year. The credit shall be two times the amount for residents
filing as married filing joint ly, surviving spouse, or head of
household as those filing as individual or married filing
separately.
SHALL THE PROPOSAL BE APPR OVED?
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FOR THE PROPOSAL — YES _____________
AGAINST THE PROPOSAL — NO _____________
SECTION 3. The President Pro Tempore of the Senate shall,
immediately after the passage of this resolution, prepare a nd file
one copy thereof, including th e Ballot Title set forth in SECTION 2
hereof, with the Secretary of State and one copy with the A ttorney
General.
Passed the Senate the 21st day of March, 2022.
Presiding Officer of the Senate
Passed the House of Representatives the ____ day of __________,
2022.
Presiding Officer of the House
of Representatives