Bill > SB1544

This bill, known as the United States Semiquincentennial Celebration Taxpayer Relief Act, allows the Office of Management and Enterprise Services to reclassify up to $750 million of unspent federal funds received from the American Rescue Plan Act of 2021 (Coronavirus State and Local Fiscal Recovery Funds) to offset existing state expenses, such as government operations and services, thereby freeing up equivalent state general revenue. This reclassification is permitted under federal guidelines (31 C.F.R., Part 35, Subpart A) and is intended to comply with federal regulations while providing direct relief to taxpayers in celebration of the United States' 250th anniversary. The bill establishes the United States Semiquincentennial Taxpayer Relief Program, administered by the Oklahoma Tax Commission, which will issue a one-time rebate of $250 to individual taxpayers or $500 to those who filed jointly for tax years 2024 or 2025, with rebates to be distributed by June 30, 2026. The Joint Committee on Appropriations and Budget will oversee the implementation and audit of this program, and an emergency clause is included, meaning the act takes effect immediately upon passage.

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1544&Session=2600