OK
Oklahoma House Bill HB2508

Oklahoma 2024 Regular Session

Oklahoma House Bill HB2508

Introduced
2/6/23  

Caption

Revenue and taxation; income tax; apportionment; County Community Safety Investment Fund; Rural Economic Action Plan; Rural Economic Action Plan Supplemental Revenue Revolving Fund; effective date; emergency.

Impact

If enacted, HB2508 will change how income tax revenues are apportioned within Oklahoma's financial management system. The modifications to Section 2352 of Title 68 will ensure that funds generated from a specified percentage of the highest income tax rate are directed towards community safety and rural economic initiatives, providing local governments with more resources to address safety and development issues. This could lead to significant investments in community programming and infrastructure, which proponents argue are vital for improving the quality of life in rural regions.

Summary

House Bill 2508 is a legislative proposal designed to amend aspects of the state's income tax revenue distribution. The bill introduces a split apportionment of income tax revenues that will be allocated to both the County Community Safety Investment Fund and a new Rural Economic Action Plan Supplemental Revenue Revolving Fund. This modification aims to directly support community safety initiatives and enhance economic development in rural areas of Oklahoma.

Contention

While the bill is generally framed as an initiative to support rural and safety-related programs, there may be contention around its implications for overall state revenue and local government autonomy. Opponents might question whether diverting income tax revenues from traditional funding streams could weaken the General Revenue Fund, thereby impacting essential services such as education and health. Additionally, there may be concerns regarding the criteria used for funds allocation and the potential for unequal resource distribution among counties.

Companion Bills

OK HB2508

Carry Over Revenue and taxation; income tax; apportionment; County Community Safety Investment Fund; Rural Economic Action Plan; Rural Economic Action Plan Supplemental Revenue Revolving Fund; effective date; emergency.

Previously Filed As

OK HB2508

Revenue and taxation; income tax; apportionment; County Community Safety Investment Fund; Rural Economic Action Plan; Rural Economic Action Plan Supplemental Revenue Revolving Fund; effective date; emergency.

OK SB758

Medical marijuana; deleting certain apportionments; creating revolving funds; requiring legislative apportionment. Effective date. Emergency.

OK HB2323

Medical marijuana revenue; Medical Marijuana Revenue Apportionment Review Act of 2023; effective date; emergency.

OK HB1548

Sales tax apportionment; modifying apportionment limit for the Oklahoma Tourism Promotion Revolving Fund; effective date.

OK HB2797

Medical marijuana; Oklahoma Medical Marijuana Authority; revolving fund; sales tax; apportionment; effective date; emergency.

OK HB2295

Motor vehicles; revenue apportionment; cap amount; effective date; emergency.

OK SB751

Use tax; modifying apportionments of use tax to Teachers' Retirement System for designated years. Effective date. Emergency.

OK HB1953

Revenue and taxation; income tax; income tax rates; effective date.

OK SB1120

State Board of Education; requiring certain determination; providing procedure; providing limitation; and removing certain apportionments. Effective date. Emergency.

OK HB1375

Revenue and taxation; income tax; Oklahoma taxable income; apportionment factors; elections; definitions; effective date.

Similar Bills

OK HB2894

Revenue and taxation; apportionment of collections; effective date; emergency.

OK SB314

Oklahoma Tourism and Recreation Department; modifying apportionment limit for certain fiscal years; requiring certain report to contain certain information and recommendation. Effective date.

OK SB314

Oklahoma Tourism and Recreation Department; modifying apportionment limit for certain fiscal years; requiring certain report to contain certain information and recommendation. Effective date.

OK HB1733

Sales tax apportionment; modifying apportionment limit for the Oklahoma Tourism Promotion Revolving Fund; effective date; emergency.

OK HB3241

Sales and use tax; apportionments; removing certain limitations; effective date; emergency.

OK HB3240

County assessors; permanent records and records maintenance; prescribing duty of submission of certain data to the State Data Center; effective date.

OK HB2508

Revenue and taxation; income tax; apportionment; County Community Safety Investment Fund; Rural Economic Action Plan; Rural Economic Action Plan Supplemental Revenue Revolving Fund; effective date; emergency.