Oklahoma § 68-1374 - Sales Tax Remitting Account - Certification of interest

§ 68-1374. Sales Tax Remitting Account - Certification of interest

earned - Remittance to municipalities and counties.

A. Not later than the fifth day of each month, the State

Treasurer shall determine and shall certify to the Oklahoma Tax

Commission the aggregate amount of interest earned upon the total of

all amounts deposited to the Sales Tax Remitting Account during the

preceding month.

B. Not later than the fifteenth day of each month, the Oklahoma

Tax Commission, acting on behalf of a municipality or county for

collection of sales taxes and on behalf of a municipality for

Oklahoma Statutes - Title 68. Revenue and Taxation

collection of use taxes, shall determine and then remit to each

municipality or county:

1. The amount of sales tax revenue, penalties and interest

collected on behalf of the municipality or county and the amount of

use tax revenue, penalties and interest collected on behalf of the

municipality for the preceding month; and

2. An amount equal to the municipality's or county's

proportionate share of the total interest earned upon all amounts

deposited to the Sales Tax Remitting Account for the month as

determined by the Oklahoma Tax Commission as provided in subsections

C and D of this section.

C. The proportionate share of interest earned by each

municipality shall be determined by dividing the total deposit of

sales tax or use tax revenue, penalties and interest made on behalf

of each municipality for the month, after deduction of the retention

fee authorized by Section 2702 of Title 68 of the Oklahoma Statutes,

by the total amount of all sales tax or use tax revenue, penalties

and interest deposited into the Sales Tax Remitting Account for the

same month. The resulting figure shall be multiplied by the total

amount of interest earned upon all deposits of sales tax or use tax

revenue, penalties and interest made to the Sales Tax Remitting

Account for the same month. The resulting dollar amount shall be

remitted to each municipality together with the amount as required

by paragraph 1 of subsection B of this section.

D. The proportionate share of interest earned by each county

shall be determined by dividing the total deposit of sales tax

revenue, penalties and interest made on behalf of each county for

the month, after deduction of the one-percent fee authorized by

Section 1371 of Title 68 of the Oklahoma Statutes, by the total

amount of all sales tax revenue, penalties and interest deposited

into the Sales Tax Remitting Account for the same month. The

resulting figure shall be multiplied by the total amount of interest

earned upon all deposits of sales tax revenue, penalties and

interest made to the Sales Tax Remitting Account for the same month.

The resulting dollar amount shall be remitted to each county

together with the amount as required by paragraph 1 of subsection B

of this section.

Added by Laws 1989, c. 168, § 4, eff. Nov. 1, 1989. Amended by Laws

1990, c. 60, § 2, emerg. eff. April 16, 1990.