Bill > SB1846

This bill authorizes counties and municipalities in Oklahoma to levy an excise tax, which is a tax on the sale of goods or services, on medical marijuana. Before such a tax can be imposed, it must be approved by a majority of voters in a special election, or through an initiative petition signed by at least five percent of registered voters. If voters reject the tax, another election cannot be held for six months. The tax would apply to sales within the territorial limits of the county or municipality, and its effective date would be the first day of a calendar quarter following voter approval. The bill also outlines procedures for initiative petitions, including deadlines for signatures and holding elections, and requires that the purpose of the tax be clearly stated to voters, along with its duration, which can be limited or unlimited. Municipalities cannot redirect funds from a dedicated tax without voter approval. For counties that levy this tax, a dedicated "county excise tax revolving fund" will be created to hold and spend the tax revenue solely for the designated purpose. If recreational marijuana is legalized in the future, these tax provisions will automatically apply to it as well. This act is set to become effective on November 1, 2026.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1846&Session=2600