Bill
Bill > SB676
summary
Introduced
02/04/2019
02/04/2019
In Committee
02/06/2019
02/06/2019
Crossed Over
Passed
Dead
05/29/2020
05/29/2020
Introduced Session
2020 Regular Session
Bill Summary
An Act relating to income tax; amending 68 O.S. 2011, Section 2352, as last amended by Section 5, Chapter 337, O.S.L. 2016 (68 O.S. Supp. 2018, Section 2352), which relates to apportionment; modifying apportionment; deleting obsolete language; clarifying language; and providing effective date.
AI Summary
This bill amends the existing law on income tax apportionment in Oklahoma. It modifies the apportionment percentages and deletes obsolete language. Specifically, it changes the percentage of income tax revenue allocated to the General Revenue Fund, the Education Reform Revolving Fund, the Teachers' Retirement System Dedicated Revenue Revolving Fund, and the Ad Valorem Reimbursement Fund. It also provides that any revenue exceeding the moving five-year average for corporate income tax will be apportioned to the Revenue Stabilization Fund or the Constitutional Reserve Fund. The bill has an effective date of November 1, 2019.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to Appr/Sub-Education (on 02/06/2019)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=sb676&Session=2000 |
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