Bill > HB3972

This bill amends existing law to allow for reimbursement to counties from the Ad Valorem Reimbursement Fund for school district revenue losses that occur when the state purchases property within a county for more than $300 million, provided the purchase happened on or after January 1, 2025, and the reimbursement is limited to the first two tax years after the purchase. The Ad Valorem Reimbursement Fund is a state fund managed by the Oklahoma Tax Commission that reimburses counties for lost tax revenue due to various exemptions. The bill also modifies the priority of payments from this fund, stipulating that reimbursements for manufacturing or research and development facility exemptions and for state property purchases will be paid first, before other types of exemptions. An emergency clause is included, meaning the act will take effect immediately upon passage and approval to address an urgent public need.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3972&Session=2600