Bill > HB1733

This bill modifies the sales tax apportionment rules for the Oklahoma Tourism Promotion Revolving Fund, specifically adjusting the maximum funding limits over several fiscal years. Currently, the fund is limited to $5 million per year, but the bill gradually increases this cap: for the fiscal year ending June 30, 2025, it remains at $5 million, then rises to $30 million in fiscal year 2025-2026, $35 million in 2026-2027, $40 million in 2027-2028, and $45 million in 2028-2029 and subsequent years. These funds come from 0.87% of total sales tax revenues, with 24% specifically allocated to the Oklahoma Tourism Promotion Revolving Fund. The change is part of a broader sales tax revenue distribution scheme that allocates percentages to various state funds, including education, teachers' retirement, and historical society operations. The bill will become effective on July 1, 2025, and is being implemented with an emergency clause, indicating its immediate importance to the state's tourism promotion efforts and fiscal planning.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1733&Session=2600