summary
Introduced
02/03/2025
02/03/2025
In Committee
Crossed Over
Passed
Dead
Introduced Session
2025 Regular Session
Bill Summary
A Joint Resolution directing the Secretary of State to refer to the people for their approval or rejection a proposed amendment to Section 23 of Article X of the Oklahoma Constitution; updating reference; modifying purpose for specified procedures; modifying specified duty of State Board of Equalization; requiring Board to certify tax expenditure limitation; specifying formula for limitation; making requirement to certify limitation conditional; providing for spending limit; prescribing determination of spending limit under certain circumstances; deleting certain funds from specified estimate; deleting percentage limit on change in legislative appropriations; modifying duty of Board with respect to determination of revenue available for appropriation; clarifying status of certain funds as surplus funds and providing for surplus funds amount under specified circumstances; renaming Constitutional Reserve Fund as Constitutional Emergency Fund; modifying amounts accruing to such fund; providing for the status of interest income; providing for conditional appropriation from such fund; defining term; deleting authority for appropriations under specified conditions; providing for deposit of specified monies into Budget Stabilization Fund; providing for status of interest income; establishing conditions under which revenue failure occurs; providing for transfer of funds upon revenue failure and limiting amount thereof; providing for taxpayer refund of certain funds; requiring Legislative enactment; requiring voter approval for certification of appropriations above specified limit; providing ballot title; and directing filing.
AI Summary
This joint resolution proposes a constitutional amendment to modify Oklahoma's fiscal rules by establishing new limits on state revenue and spending growth. The amendment would require the State Board of Equalization to annually certify a tax expenditure limitation calculated by combining inflation and population growth rates. It introduces a spending limit mechanism that restricts how much the state can increase its budget each year, with specific formulas for determining those limits. The resolution creates two new funds: a Constitutional Emergency Fund (renamed from the Constitutional Reserve Fund) and a Budget Stabilization Fund. Surplus funds would first be directed to the Constitutional Emergency Fund, with any additional funds then moving to the Budget Stabilization Fund. If the Budget Stabilization Fund exceeds 15% of the previous year's certification, the excess funds would be refunded to taxpayers through tax reductions. The amendment also establishes conditions for emergency spending and requires voter approval if the state wants to exceed the tax expenditure limitation. The resolution mandates that the proposed amendment be referred to voters for approval, with a ballot title that summarizes the key provisions in plain language, allowing voters to understand the potential changes to the state's fiscal management.
Sponsors (1)
Last Action
Authored by Senator Daniels (on 02/03/2025)
Official Document
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