Oklahoma § 68-2352 - Purpose of article - Distribution of revenues

§ 68-2352. Purpose of article - Distribution of revenues

It is hereby declared to be the purpose of Section 2351 et seq.

of this title to provide revenue for general governmental functions

of state government; and, for that purpose and to that end, it is

expressly declared that the revenue derived herefrom and penalties

and interest thereon, subject to the apportionment requirements for

the Rebuilding Oklahoma Access and Driver Safety Fund, the Oklahoma

Tourism and Passenger Rail Revolving Fund, the Public Transit

Revolving Fund and the Education Reform Revolving Fund to be derived

from income tax revenue that would otherwise be apportioned to the

General Revenue Fund as provided by Section 1521 of Title 69 of the

Oklahoma Statutes, subject to the apportionment requirements for the

Oklahoma Tax Commission and Office of Management and Enterprise

Services Joint Computer Enhancement Fund provided by Section 265 of

this title, and subject to the apportionment requirements for the

Oklahoma State Capitol Building Repair and Restoration Fund provided

by Section 19 of Title 73 of the Oklahoma Statutes, shall be

distributed as follows:

1. For the fiscal year beginning July 1, 2002, the first Five

Million Eight Hundred Thousand Dollars ($5,800,000.00) of revenue

derived pursuant to the provisions of subsections A, B and E of

Section 2355 of this title shall be apportioned to the Education

Reform Revolving Fund. The remainder of such revenue for the fiscal

year beginning July 1, 2002, and all such revenue for each fiscal

year thereafter shall be apportioned monthly as follows:

a.

the following amounts shall be paid to the State

Treasurer to be placed to the credit of the General

Revenue Fund of the state for such fiscal year for the

support of the state government to be paid out only

pursuant to appropriation by the Legislature:

Fiscal Year

Amount

FY 2003 and FY 2004

87.12%

FY 2005

86.91%

FY 2006

86.66%

FY 2007

86.16%

FY 2008 through FY 2022

85.66%

FY 2023 through FY 2027

85.41%

FY 2028 and each fiscal year thereafter

85.66%

Of the funds apportioned to the General Revenue Fund

pursuant to this subparagraph, until the expiration of

the Filmed in Oklahoma Act of 2021 as provided in

Section 11 of this act, Thirty Million Dollars

($30,000,000.00) shall be transferred to the Oklahoma

Tax Commission for deposit in the Filmed in Oklahoma

Program Revolving Fund,

Oklahoma Statutes - Title 68. Revenue and Taxation

b.

the following amounts shall be paid to the State

Treasurer to be placed to the credit of the Education

Reform Revolving Fund of the State Department of

Education:

(1) for FY 2003 through FY 2020, eight and thirtyfour one-hundredths percent (8.34%),

(2) for FY 2021:

(a) for the month beginning July 1, 2020,

through the month ending August 31, 2020,

eight and thirty-four one-hundredths percent

(8.34%), and

(b) for the month beginning September 1, 2020,

through the month ending June 30, 2021, nine

and eighty-four one-hundredths percent

(9.84%),

(3) for FY 2022 and each fiscal year thereafter,

eight and thirty-four one-hundredths percent

(8.34%) shall be paid to the State Treasurer to

be placed to the credit of the Education Reform

Revolving Fund,

c.

the following amounts shall be paid to the State

Treasurer to be placed to the credit of the Teachers'

Retirement System Dedicated Revenue Revolving Fund:

Fiscal Year

Amount

FY 2003 and FY 2004

3.54%

FY 2005

3.75%

FY 2006

4.0%

FY 2007

4.5%

FY 2008 through FY 2020

5.0%

FY 2021:

(1) for the month beginning

July 1, 2020, through

the month ending August

31, 2020

5.0%

(2) for the month beginning

September 1, 2020,

through the month ending

June 30, 2021

3.5%

FY 2022

5.0%

FY 2023 through FY 2027

5.25%

FY 2028 and each fiscal

year thereafter

5.0%

d.

for FY 2003 and each fiscal year thereafter, one

percent (1%) shall be placed to the credit of the Ad

Valorem Reimbursement Fund;

2. Beginning July 1, 2003, for any period of time as certified

by the Oklahoma Development Finance Authority and the Oklahoma

Oklahoma Statutes - Title 68. Revenue and Taxation

Department of Commerce to be necessary for the repayment of

obligations issued by the Oklahoma Development Finance Authority

pursuant to Section 3654 of this title if the other sources of

revenue paid to or apportioned to the Quality Jobs Program Incentive

Leverage Fund are not adequate including the proceeds from payment

pursuant to the guaranty required by subsection M of Section 3654 of

this title, an amount certified by the Oklahoma Development Finance

Authority to the Oklahoma Tax Commission shall be apportioned to the

Quality Jobs Program Incentive Leverage Fund before any other

apportionments are made as otherwise authorized by this paragraph.

The Oklahoma Development Finance Authority shall certify to the

Oklahoma Tax Commission the time as of which the revenue authorized

for apportionment pursuant to this paragraph is no longer required.

After the certification, the revenue derived from the income tax

shall be apportioned in the manner otherwise provided by this

section. Except as otherwise provided by this paragraph, for the

fiscal year beginning July 1, 2002, the first Forty-one Million One

Hundred Ninety Thousand Eight Hundred Dollars ($41,190,800.00) of

revenue derived pursuant to the provisions of subsections D and E of

Section 2355 of this title shall be apportioned to the Education

Reform Revolving Fund. The remainder of such revenue for the fiscal

year beginning July 1, 2002, and all such revenue for each fiscal

year thereafter, subject to the apportionment requirements for the

Oklahoma Tax Commission and Office of Management and Enterprise

Services Joint Computer Enhancement Fund provided by Section 265 of

this title, shall be apportioned monthly as follows:

a.

the following amounts shall be paid to the State

Treasurer to be placed to the credit of the General

Revenue Fund of the state for such fiscal year for the

support of the state government to be paid out only

pursuant to appropriation by the Legislature:

Fiscal Year

Amount

FY 2003 and FY 2004

78.96%

FY 2005

78.75%

FY 2006

78.50%

FY 2007

78.0%

(1) (a) FY 2018 through FY 2022

until the apportionment to

the General Revenue Fund

equals the moving fiveyear average amount for

corporate income tax as

prescribed by paragraph 3

of this section

77.50%

(b) FY 2023 through FY 2027

until the apportionment to

the General Revenue Fund

Oklahoma Statutes - Title 68. Revenue and Taxation

b.

c.

equals the moving fiveyear average amount for

corporate income tax as

prescribed by paragraph 3

of this section

77.25%

(c) FY 2028 and each fiscal

year thereafter until the

apportionment to the

General Revenue Fund

equals the moving fiveyear average amount for

corporate income tax as

prescribed by paragraph 3

of this section

77.50%

(2) there shall be apportioned from the tax levy

imposed on corporate income tax to the Revenue

Stabilization Fund created by Section 34.102 of

Title 62 of the Oklahoma Statutes, or to the

Constitutional Reserve Fund, as provided by

Section 34.102 of Title 62 of the Oklahoma

Statutes, the amount of revenue, if any, which

exceeds the moving five-year average amount as

defined pursuant to paragraph 3 of this section,

the following amounts shall be paid to the State

Treasurer to be placed to the credit of the Education

Reform Revolving Fund of the State Department of

Education:

(1) for FY 2003 through FY 2020, sixteen and fivetenths percent (16.5%),

(2) for FY 2021:

(a) for the month beginning July 1, 2020,

through the month ending August 31, 2020,

sixteen and five-tenths percent (16.5%), and

(b) for the month beginning September 1, 2020,

through the month ending June 30, 2021,

eighteen percent (18%),

(3) for FY 2022, and each fiscal year thereafter,

sixteen and five-tenths percent (16.5%),

the following amounts shall be paid to the State

Treasurer to be placed to the credit of the Teachers'

Retirement System Dedicated Revenue Revolving Fund:

Fiscal Year

Amount

FY 2003 and FY 2004

3.54%

FY 2005

3.75%

FY 2006

4.0%

FY 2007

4.5%

FY 2008 through FY 2020

5.0%

Oklahoma Statutes - Title 68. Revenue and Taxation

FY 2021:

(1) for the month beginning

July 1, 2020, through

the month ending August

31, 2020

5.0%

(2) for the month beginning

September 1, 2020,

through the month ending

June 30, 2021

3.5%

FY 2022

5.0%

FY 2023 through FY 2027

5.25%

FY 2028 and each fiscal

year thereafter

5.0%

d.

for FY 2003 and each fiscal year thereafter, one

percent (1%) shall be placed to the credit of the Ad

Valorem Reimbursement Fund; and

3. "Moving five-year average for corporate income tax" means,

for purposes of the apportionments prescribed by this section, the

amount of income tax on corporations, as determined by the State

Board of Equalization in the manner prescribed by Section 34.103 of

Title 62 of the Oklahoma Statutes.

Added by Laws 1971, c. 137, § 2, emerg. eff. May 11, 1971. Amended

by Laws 1975, c. 131, § 1, emerg. eff. May 13, 1975; Laws 1976, c.

26, § 1, emerg. eff. March 15, 1976; Laws 1976, c. 232, § 9, emerg.

eff. June 15, 1976; Laws 1978, c. 193, § 1, emerg. eff. April 14,

1978; Laws 1979, c. 195, § 1, emerg. eff. May 24, 1979; Laws 1980,

c. 252, § 1, emerg. eff. May 16, 1980; Laws 1981, c. 210, § 5,

emerg. eff. May 29, 1981; Laws 1983, c. 183, § 5, emerg. eff. June

9, 1983; Laws 1985, c. 15, § 1, emerg. eff. April 11, 1985; Laws

1986, c. 223, § 46, operative July 1, 1986; Laws 1987, c. 204, §

131, operative July 1, 1987; Laws 1988, c. 204, § 11, operative July

1, 1988; Laws 1989, c. 279, § 15, operative July 1, 1989; Laws 1990,

c. 258, § 78, operative July 1, 1990; Laws 1991, c. 274, § 10,

emerg. eff. May 28, 1991; Laws 1996, c. 269, § 5, eff. June 1, 1996;

Laws 1999, c. 254, § 10, eff. June 30, 1999; Laws 2002, c. 458, §

10, eff. July 1, 2002; Laws 2002, c. 503, § 4, emerg. eff. June 7,

2002; Laws 2003, c. 3, § 67, emerg. eff. March 19, 2003; Laws 2005,

c. 444, § 2, eff. July 1, 2005; Laws 2007, c. 105, § 5, eff. Nov. 1,

2007; Laws 2007, c. 366, § 5, eff. Nov. 1, 2007; Laws 2008, c. 278,

§ 10, eff. July 1, 2008; Laws 2012, c. 304, § 543; Laws 2013, c.

253, § 1, eff. July 1, 2013; Laws 2016, c. 337, § 5, eff. Nov. 1,

2016; Laws 2020, c. 15, § 3, eff. Sept. 1, 2020; Laws 2021, c. 490,

§ 3, eff. July 1, 2021; Laws 2021, c. 516, § 12, eff. July 1, 2021.

NOTE: Laws 2002, c. 299, § 13 repealed by Laws 2003, c. 3, § 68,

emerg. eff. March 19, 2003. Laws 2002, c. 482, § 3 repealed by Laws

2003, c. 3, § 69, emerg. eff. March 19, 2003.

Oklahoma Statutes - Title 68. Revenue and Taxation

NOTE: Laws 2021, c. 516, § 15 states that the provisions of this

act shall be contingent upon the enactment of the provisions of

House Bill No. 2946 (c. 512) of the 1st Regular Session of the 58th

Oklahoma Legislature. House Bill No. 2946 was approved by the

Governor on May 24, 2021.