Bill > SB582

This bill modifies the requirements for state agencies regarding revenue collection estimates, specifically reducing the number of fiscal years for which agencies must provide revenue projections. Previously, agencies were required to provide revenue estimates for the current year and the next three fiscal years (current year, ensuing year, and two following years). The bill changes this to require estimates only for the current year and the ensuing fiscal year. The Oklahoma Tax Commission will now be required to provide a comprehensive economic report focused on the current fiscal year and the ensuing fiscal year, instead of projecting two additional years. The bill maintains the requirement that these agencies provide detailed information about revenue collections, including prior year actual revenues, current year projections, and estimated revenue for the next fiscal year. Additionally, the bill continues the existing requirement that these reports be submitted to the Director of the Office of Management and Enterprise Services and shared simultaneously with key legislative leaders. The changes aim to streamline the revenue estimation process while maintaining transparency and fiscal oversight. The bill will become effective on November 1, 2025.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb582&Session=2500