Bill > SB1121

This bill creates a Joint Interim Committee on the Elimination of Ad Valorem Taxes, which will be composed of ten members (five from the Senate and five from the House of Representatives), designated by their respective chamber leaders. The committee's primary purpose is to conduct a comprehensive study of alternative taxation methods to replace local tax revenue currently generated by ad valorem taxes (property taxes), in preparation for a potential state question that would eliminate such taxes. The committee will be required to analyze potential alternative tax methods, including assessing whether political subdivisions could impose new taxes, determining average tax rates needed to replace lost revenue, examining potential tax rate impacts, identifying potential revenue redistribution mechanisms, and addressing implementation challenges. The committee must submit an electronic report to the Legislature by July 1, 2028, detailing their findings and recommendations, and will be automatically dissolved on January 1, 2030. State agencies and political subdivisions are obligated to provide information and assistance to the committee upon request. The act is set to become effective on November 1, 2025, but will only take effect if a related Senate Joint Resolution (No. 12) also becomes law.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1121&Session=2600