Bill > HJR1072

This joint resolution orders a legislative referendum to be placed on the ballot for the General Election on November 3, 2026, proposing an additional income tax on individuals for taxable years beginning on or after January 1, 2027. This new tax would apply to taxable income exceeding $1 million for single filers and $2 million for those filing jointly, with higher rates for income exceeding $5 million (single) or $10 million (jointly). The revenue generated would be directed to a "Future Readers, Future Leaders Investment Revolving Fund" managed by the State Department of Education. This fund would first be used to provide a $5,000 stipend to active National Board Certified Teachers, then allocate $100 million annually to support statewide reading programs, and finally distribute any remaining funds to schools identified as underperforming (either "Comprehensive Support and Improvement" or "More Rigorous Intervention" schools, or the lowest performing 5% if those designations are eliminated), with a minimum allocation of $25,000 per school, adjusted over time as schools improve. The resolution also establishes a process for the State Board of Equalization to monitor that these funds enhance, rather than replace, existing education funding, and specifies an effective date of January 1, 2027.

http://www.oklegislature.gov/BillInfo.aspx?Bill=hjr1072&Session=2600