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53	53	STATE OF OKLAHOMA
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55	55	2nd Session of the 59th Legislature (2024)
56	56
57	57	SENATE BILL 1482 By: Pugh
58	58
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63	63	AS INTRODUCED
64	64
65	65	An Act relating to income tax credit; amending 62
66	66	O.S. 2021, Section 34.103, which relat es to the
67	67	Oklahoma State Finance Act; prescribing duties for
68	68	the State Board of Equalization; providing tax
69	69	credit; requiring the Oklahoma Tax Commission to
70	70	calculate credit amount upon certa in certification by
71	71	the Board; prescribing calculation for credit amount;
72	72	requiring the Commission to publish credi t amount
73	73	within certain period; eliminating tax credit under
74	74	certain declaration of revenue failure; providing for
75	75	codification; and providing an effective date .
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81	81	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
82	82	SECTION 1. AMENDATORY 62 O.S. 2021, Section 34.103, is
83	83	amended to read as follows:
84	84	Section 34.103. A. In addition to any other duties prescribed
85	85	by law, at the meeting required by Section 23 of Article X o f the
86	86	Oklahoma Constitution to be held in February of 2017, and at the
87	87	February meeting of the State Board of Equalization each y ear
88	88	thereafter, the State Board of Equalization shall certify:
89	89	1. For the revenue derived from the tax levied on oil pursuant
90	90	to Section 1001 of Title 68 of the Oklahoma Statut es, which would
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142	142	otherwise be apportioned to the General Revenue Fund, the average
143	143	annual amount of actual revenue apportioned to the General Revenue
144	144	Fund for the immedia tely preceding five (5) complete fisc al years.
145	145	For any year after the first year durin g which a deposit to the
146	146	Revenue Stabilization Fund is made, the amount of any deposit to the
147	147	Revenue Stabilization Fund shall be disregarded for purposes of this
148	148	paragraph and the average shall be computed using the total amount
149	149	of revenue that was availa ble to be apportioned to the General
150	150	Revenue Fund for the applicable period of time;
151	151	2. For the revenue derived from the tax levied on natural gas
152	152	pursuant to Section 1 001 of Title 68 of the Oklahoma Statu tes, which
153	153	would otherwise be apportioned to the G eneral Revenue Fund, the
154	154	average annual amount of actual revenue apportioned to the General
155	155	Revenue Fund for the previous five (5) fiscal years. For any year
156	156	after the first year during which a deposit to the Revenue
157	157	Stabilization Fund is made, the amount of any deposit to the Revenue
158	158	Stabilization Fund shall be disregarded for purposes of this
159	159	paragraph and the average shall be computed using the total amount
160	160	of revenue that was available to be apportioned to the General
161	161	Revenue Fund for the applicable pe riod of time; and
162	162	3. For the revenue derived from the corporate income tax lev ied
163	163	pursuant to Section 2355 of Title 68 the Oklahoma Statutes, which
164	164	would otherwise be a pportioned to the General Revenue Fun d, the
165	165	average annual amount of actual revenue app ortioned to the General
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217	217	Revenue Fund for the previous five (5) fiscal years. For any year
218	218	after the first year during which a deposit to the Revenue
219	219	Stabilization Fund is made, the amount of any deposit to the Revenue
220	220	Stabilization Fund shall be disregard ed for purposes of this
221	221	paragraph and the average shall be computed using the t otal amount
222	222	of revenue that was available to be apportioned to the General
223	223	Revenue Fund for the applicable period of time.
224	224	B. If the amount of revenue available for apportionme nt to the
225	225	General Revenue Fund for the next ensuing fiscal year exceeds the
226	226	amounts certified pursuant to paragraph 1 or 2 of subsection A of
227	227	this section, with respect to each such revenue source, one hund red
228	228	percent (100%) of such amount in excess of the separately computed
229	229	five-year average, which would otherwise be apportioned to the
230	230	General Revenue Fund, shall be deposited to the credit of the
231	231	Revenue Stabilization Fund.
232	232	C. If the amount of revenue ava ilable for apportionment to the
233	233	General Revenue Fund for the next ensuing fiscal year exceeds the
234	234	amount certified pursuant to paragraph 3 o f subsection A of this
235	235	section:
236	236	1. Twenty-five percent (25%) of such amount i n excess of the
237	237	five-year average, which would otherwise be apportioned to the
238	238	General Revenue Fund, shall be deposited to the credit of the
239	239	Constitutional Reserve Fun d unless such deposit would exceed the
240	240	maximum balance permitted pursuant to Section 23 o f Article X of the
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292	292	Oklahoma Constitution and in such case the amount in excess of the
293	293	maximum balance shall be deposited to the credit of the Revenue
294	294	Stabilization Fund; and
295	295	2. Seventy-five percent (75%) of such amount in excess of the
296	296	five-year average, which would otherwise be apportioned t o the
297	297	General Revenue Fund, shall be deposited to the credit of the
298	298	Revenue Stabilization Fund, together with any amount required for
299	299	deposit pursuant to the provisions of paragraph 1 of this
300	300	subsection.
301	301	D. In addition to any other duties prescribed by la w, at the
302	302	meeting required by Section 23 of Articl e X of the Oklahoma
303	303	Constitution to be held in February of 20 25, and at the February
304	304	meeting of the State Board of Equalization each year thereafter, the
305	305	State Board of Equalization shall certify :
306	306	1. The percentage growth of the amounts available for
307	307	appropriation, pursuant to paragraph 1 of Section 23 of Article X of
308	308	the Oklahoma Constitution, for the ensuing fiscal year from the
309	309	current fiscal year, as certified by th e Board during the previous
310	310	February meeting; and
311	311	2. If the percentage growth certified pursuant to paragraph 1
312	312	of this subsection exceeds ten percent (10%), the Board shall
313	313	certify the amount of revenues exceeding five (5) percentage points
314	314	of the growth certified for calculating the amount of tax credit
315	315	provided in Section 2 of this act.
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367	367	SECTION 2. NEW LAW A new section of law to be codified
368	368	in the Oklahoma Statutes as Section 2357.207 of Title 68, unless
369	369	there is created a duplication in numbering, reads as follows:
370	370	A. For calendar years where the State Board of Eq ualization
371	371	certifies an amount pursuant to paragraph 2 of subsection D of
372	372	Section 34.103 of Title 62 of the Oklahoma Statutes, for the
373	373	corresponding tax year, there shall be allowed a refundable credit
374	374	against the tax imposed pursuant to Section 2355 of Ti tle 68 of the
375	375	Oklahoma Statutes in an amount , rounded to the nearest whole doll ar,
376	376	to be calculated by the Oklahoma Tax Commission by ta king the amount
377	377	certified by the Board pursuant to paragraph 2 of subsection D of
378	378	Section 34.103 of Title 62 of the Okla homa Statutes and dividing by
379	379	the summation of the following:
380	380	1. The number of individual , married filing separate, surviving
381	381	spouse, and head of household state personal income tax returns
382	382	filed in the second preceding tax year, multiplied by the number one
383	383	and five thousandths (1.005); and
384	384	2. The number of married filing jointly state personal income
385	385	tax returns filed in the second preced ing tax year, multiplied by
386	386	the number two and one hundredth (2.01).
387	387	B. The credit amount calculated by the Commissi on as provided
388	388	in subsection A of this section shall be doubled for those married
389	389	filing jointly.
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441	441	C. Within forty-five (45) days of the B oard certifying an
442	442	amount pursuant to paragraph 2 of subsection D of Se ction 34.103 of
443	443	Title 62 of the Oklahoma Statut es, the Commission shall publish on
444	444	its website the amount of tax credit calcul ated pursuant to
445	445	subsection A of this section.
446	446	D. If a revenue failure is declared pursuant to the provisions
447	447	of Section 34.49 of Title 62 of the Oklahoma Statutes prior to
448	448	November 1 of the calendar year corresponding to the tax year in
449	449	which a tax credit is provided pursuant to this section, the tax
450	450	credit shall not be provided for that tax year.
451	451	SECTION 3. This act shall become effective November 1, 2024.
452	452
453	453	59-2-2364 QD 12/15/2023 6:46:49 PM

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB1482 Compare Versions