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Bill > HB1358
OK HB1358
OK HB1358Public finance; Inflation Relief Stimulus Fund; appropriation; creating the Inflation Stimulus Relief Fund; deposits; distribution; eligible taxpayers; effective date; emergency.
summary
Introduced
02/01/2021
02/01/2021
In Committee
03/29/2022
03/29/2022
Crossed Over
03/24/2022
03/24/2022
Passed
Dead
05/27/2022
05/27/2022
Introduced Session
2021 Regular Session
Bill Summary
An Act relating to public finance; making an appropriation to the Inflation Relief Stimulus Fund; stating amount; stating source of appropriation; stating purpose; creating the Inflation Stimulus Relief Fund; providing for deposit of monies; providing for expenditures; providing for distribution of monies to eligible taxpayers based on filing of income tax return and filing status; prescribing date for distribution; providing for codification; providing an effective date; and declaring an emergency.
AI Summary
This bill appropriates $321,023,750 from the General Revenue Fund to create the Inflation Relief Stimulus Fund. The fund will be used to provide one-time payments to eligible Oklahoma taxpayers based on their 2021 income tax filing status - $125 for single filers and $250 for married filers. The payments will be distributed by the State Treasurer on or around October 15, 2022, and the amounts received will not be subject to Oklahoma income tax. The bill takes effect on July 1, 2022 and declares an emergency, allowing it to take effect immediately upon passage and approval.
Committee Categories
Budget and Finance
Sponsors (6)
Mark Allen (R)*,
Charles McCall (R)*,
Tommy Hardin (R),
Kevin McDugle (R),
Lonnie Sims (R),
Kevin Wallace (R),
Last Action
Second Reading referred to Appropriations (on 03/29/2022)
Official Document
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