Bill > HB1572

This bill modifies the apportionment of sales and use tax revenues for tourism-related funds in Oklahoma, making several key changes. Specifically, the bill extends the current tourism funding structure through fiscal year 2025, after which it introduces a new funding model. For fiscal years 2022-2025, tourism funds will continue to have caps on allocations to the Oklahoma Tourism Promotion Revolving Fund and the Oklahoma Tourism Capital Improvement Revolving Fund. Starting in fiscal year 2026, these caps will be removed, and funds will be distributed differently, with one percent of tax revenues being split between the two tourism funds (36% to the Promotion Fund and 64% to the Capital Improvement Fund). The bill also removes the previous prohibition on using tourism funds for employee wages and salaries, instead limiting operational expenses to no more than 20% of the annual fund accrual for both the Promotion and Capital Improvement Revolving Funds. Additionally, the bill adjusts the overall percentage of tax revenues allocated to the General Revenue Fund across different fiscal years, slightly reducing the percentage in later years. The changes are designed to provide more flexibility in tourism funding and allow for potential growth in tourism promotion and infrastructure development. The bill will become effective on July 1, 2025, and contains an emergency clause to ensure immediate implementation.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1572&Session=2600