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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
HOUSE BILL 2177 By: Pfeiffer
AS INTRODUCED
An Act relating to public finance; amending 62 O.S.
2021, Section 34.2, which relates to revenue
information; modifying provisions related to
information provided by certain state government
entities; modifying provisions related to information
provided to the State Board of Equalization;
providing an effective date; and declaring an
emergency.
BE IT ENACTED BY THE PEOPLE OF TH E STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 62 O.S. 2 021, Section 34.2, is
amended to read as follows:
Section 34.2. A. Agencies responsible for the collection of
monies deposited to the credit of the General Revenue Fund and eac h
of the Special Revenue Funds shall be subject to the provisions of
this act. Upon request of the Director of the Office of Management
and Enterprise Services, these agencies shall provide the Director
of the Office of Management and Enterprise Services an itemized
estimate of funds expected to accrue to the General Revenue Fund a nd
each of the Special Revenue Funds for the ensuing fiscal year in the
manner and form established by the Director, in accordance with the
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duties assigned to the State Board of Equalization in Section 23 of
Article X of the Oklahoma Constitution. Each of these agencies
shall also provide to the Director, as requested, a written
explanation of the methodology and relevant assumptions used in
developing the current and future reve nue estimates submitted, a
statement of:
1. The prior year's actual revenue collections;
2. A projection of the current year 's revenue collections; and
3. Estimated revenue collections for the ensuing fiscal year
and the following two (2) fiscal years . No expenditure shall be
made from any General Revenue Fund or Special Revenue Fund until
such fund has been assigned to an agency by law or by the Director
of the Office of Management and Enterprise Services.
B. In addition to providing the information l isted above, the
Oklahoma Tax Commission shall also provide to the Director of the
Office of Management and Enterprise Services a comprehensive
economic report no later than two (2) weeks prior to each of the
meetings of the State Board of Equalization pur suant to paragraphs 1
and 3 of Section 23 of Article X of the Constitution of the State of
Oklahoma. Each report shall include a summary of recent national
and state economic performance and a forecast of national and state
economic performance for the cu rrent fiscal year, and the ensuing
fiscal year and the following two (2) fisca l years. These reports
shall be considered a basis upon which the itemized revenue
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estimates of the Commission are developed. The report shall include
an analysis of the relati ve accuracy of the economic forecasts on
which the previous and current fiscal years ' revenue estimates were
based.
C. The Tax Commission shall also provide all estimates,
explanations, statements, projections, reports and other documents
required by this section to the President Pro Tempore of the Senate,
members of the Senate App ropriations and Finance Committees, the
Speaker of the House of Representatives and members of the House
Appropriations and Budget Committee at the same time that such
documents are provided to the Director of the Office of Management
and Enterprise Services.
SECTION 2. This act shall become effective July 1, 2025.
SECTION 3. It being immediately necessary for the preservation
of the public peace, health or safety, an emergency is hereby
declared to exist, by reason whereof this act shall take effect and
be in full force from and after its passage and approval.
60-1-11054 MAH 01/04/25