Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB678 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1	1
2	2
3		-	SENATE FLOOR VERSION - SB678 SFLR Page 1
4		-	(Bold face denotes Committee Amendments) 1
	3	+	Req. No. 1806 Page 1 1
5	4		2
6	5		3
7	6		4
8	7		5
9	8		6
10	9		7
11	10		8
12	11		9
13	12		10
14	13		11
15	14		12
16	15		13
17	16		14
18	17		15
19	18		16
20	19		17
21	20		18
22	21		19
23	22		20
24	23		21
25	24		22
26	25		23
27	26		24
28	27
29		-	SENATE FLOOR VERSION
30		-	March 5, 2025
	28	+	STATE OF OKLAHOMA
	29	+
	30	+	1st Session of the 60th Legislature (2025)
	31	+
	32	+	COMMITTEE SUBSTITUTE
	33	+	FOR
	34	+	SENATE BILL 678 By: Pederson
	35	+
31	36
32	37
33	38		COMMITTEE SUBSTITUTE
34		-	FOR
35		-	SENATE BILL NO. 678 By: Pederson of the Senate
36	39
37		-	and
38		-
39		-	Boles of the House
40		-
41		-
42		-
43		-
44		-
45		-	[ ad valorem tax collections - Reimbursement Fund -
46		-	expenditures - qualifications - procedures -
47		-	reduction - appropriation - codification - effective
48		-	date -
49		-	emergency ]
	40	+	An Act relating to ad valorem tax collections;
	41	+	creating the Centrally Assessed Ad Valorem Volatility
	42	+	Reimbursement Fund; providing sources of funds;
	43	+	providing for expenditures to reimburse counties for
	44	+	certain reductions in ad valorem tax collections;
	45	+	prescribing qualifications; prescribing procedures
	46	+	for reimbursement; limiting reimbursement; providing
	47	+	for reduction of reimbursements if claims exceed the
	48	+	balance of the fund; making an appropriation;
	49	+	providing for codification; providing an effective
	50	+	date; and declaring an emergency .
50	51
51	52
52	53
53	54
54	55
55	56		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
56	57		SECTION 1. NEW LAW A new section of law to be codified
57	58		in the Oklahoma Statutes as Section 193a of Title 62, unless there
58	59		is created a duplication in numbering, reads as follows:
59	60		A. There is hereby created in the State Treasury a revolvi ng
60	61		fund for the Oklahoma Tax Commission to be designated the “Centrally
61	62		Assessed Ad Valorem Volatility Reimb ursement Fund”. The fund shall
62	63		be a continuing fund, not subject to fiscal year limitations, and
63	64		shall consist of all monies appropriated to the Tax Co mmission that
64	65		are designated for deposit in the fund. Monies appropriated to this
65		-	fund shall be expended to reimburse counties for school district and
66	66
67		-	SENATE FLOOR VERSION - SB678 SFLR Page 2
68		-	(Bold face denotes Committee Amendments) 1
	67	+	Req. No. 1806 Page 2 1
69	68		2
70	69		3
71	70		4
72	71		5
73	72		6
74	73		7
75	74		8
76	75		9
77	76		10
78	77		11
79	78		12
80	79		13
81	80		14
82	81		15
83	82		16
84	83		17
85	84		18
86	85		19
87	86		20
88	87		21
89	88		22
90	89		23
91	90		24
92	91
	92	+	fund shall be expended to reimburse counties for school district and
93	93		county purposes for loss of revenue due to decreased valuation and
94	94		assessment of centrally assessed property.
95	95		B. To qualify for reimbursement pursuant to subsection A of
96	96		this section, the county shall have a t least a fifty-percent
97	97		reduction in net assessed value from centrally assessed properties
98	98		from the previous year with a school district that would realize at
99	99		least a ten-percent reduction in ad valorem tax revenues from the
100	100		previous year.
101	101		C. Counties qualifying for reimbursement provided by this
102	102		section shall receive an amount equal to twenty -five percent (25%)
103	103		of the reduction of collections for the fi rst two (2) years after
104	104		the reduction in valuation; provided, that the reimbursement in the
105	105		second year shall be twenty-five percent (25%) of the reduction of
106	106		ad valorem collections in the second year compared to the immediate
107	107		year before the reduction in valuation that triggered the
108	108		qualification for reimbursement.
109	109		D. Reimbursement funds shall first be used to supplement the
110	110		reduction in funds to school districts due to a decrease in
111	111		valuation of centrally assessed properties. Any funds remaining
112	112		after supplementing the reduction in funds for school districts
113	113		shall be used to supplement the reduction in fu nds for counties.
114	114		E. The county commissioners of each county seeking
115	115		reimbursement for lost revenue from the Centrally Assessed Ad
116		-	Valorem Volatility Reimbursement Fund shall make claims for
117	116
118		-	SENATE FLOOR VERSION - SB678 SFLR Page 3
119		-	(Bold face denotes Committee Amendments) 1
	117	+	Req. No. 1806 Page 3 1
120	118		2
121	119		3
122	120		4
123	121		5
124	122		6
125	123		7
126	124		8
127	125		9
128	126		10
129	127		11
130	128		12
131	129		13
132	130		14
133	131		15
134	132		16
135	133		17
136	134		18
137	135		19
138	136		20
139	137		21
140	138		22
141	139		23
142	140		24
143	141
	142	+	Valorem Volatility R eimbursement Fund shall make claims for
144	143		reimbursement on forms prescribed by the Tax C ommission no later
145	144		than December 1 following the reduction in valuation that triggered
146	145		the qualification for reimbursement.
147	146		F. Total claims approved for reimbursement sh all not exceed the
148	147		balance of the fund. If total claims exceed the balance of the
149	148		fund, each claim shal l be reduced by a percentage which establishes
150	149		the proportionate share of total claims for the tax year so that the
151	150		total claims authorized by this sect ion do not exceed the balance of
152	151		the fund.
153	152		SECTION 2. There is hereby appropriated to the Oklahoma Tax
154	153		Commission for deposit in the Centrally Assessed Ad Valorem
155	154		Volatility Reimbursement Fund, from any monies not otherwise
156	155		appropriated from the General Revenue Fund of the State Treasury for
157	156		the fiscal year ending June 30, 2024, the sum of T wo Million Dollars
158	157		($2,000,000.00).
159	158		SECTION 3. This act shall become effective July 1, 2025.
160	159		SECTION 4. It being immediately necessary for the preservation
161	160		of the public peace, health or safety, an emerge ncy is hereby
162	161		declared to exist, by reason whereof this act shall take effect and
163	162		be in full force from and after its passage and approval.
164		-	~~COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS~~
165		-	~~March~~ 5~~, 2025 - DO PASS AS AMENDED~~
	163	+
	164	+	60-1-1806 QD 3/3/2025 5:47:06 PM