OK
Oklahoma Senate Bill SB751

Oklahoma 2024 Regular Session

Oklahoma Senate Bill SB751

Introduced
2/6/23  

Caption

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

Impact

The modifications proposed by SB751 will have a direct effect on the distribution of use tax revenues, ultimately enhancing support for educators and their retirement benefits in Oklahoma. By effectively increasing the revenue that goes into the Teachers' Retirement System, the bill aligns with the state’s educational priorities and provides more robust financial backing to ensure that teachers can receive adequate retirement support. The act is set to come into effect on July 1, 2023, signifying a rapid response to ongoing budgetary considerations for education funding.

Summary

Senate Bill 751 focuses on modifying the existing apportionments related to the use tax in the State of Oklahoma, specifically increasing certain apportionments for the Teachers' Retirement System for designated years while decreasing others. The bill amends Section 1403 of Title 68 of the Oklahoma Statutes, regarding revenue apportionment for various funds, to ensure that a more significant portion of the funds collected through use taxes is directed towards supporting the Teachers' Retirement System. This change aims to bolster the financial health of the retirement system amidst ongoing challenges.

Contention

One notable point of contention surrounding SB751 could revolve around the balancing act it performs between the increasing needs of teachers’ retirement funding and the potential impact on other funds that receive apportionments from the state’s revenue. Adjusting these financial flows can provoke debates among lawmakers who may express differing opinions on whether the emphasis on teacher retirement support justifies the potential reductions in funding for other essential services or programs that also rely on use tax revenues.

Companion Bills

OK SB751

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

Previously Filed As

OK SB751

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

OK HB1548

Sales tax apportionment; modifying apportionment limit for the Oklahoma Tourism Promotion Revolving Fund; 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 SB758

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

OK HB2797

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

OK SB1120

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

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 SB743

Income tax; deleting limitation on exemption for retirement benefits received by teachers from the Teachers' Retirement System for designated tax years. Effective date.

OK HB2323

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

OK HB2605

Transportation; Vehicle License and Registration Act collections; modifying certain apportionment in future fiscal years; effective date.

Similar Bills

No similar bills found.