{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-34.102","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-34.102","heading":"Revenue Stabilization Fund","body":"A. There is hereby created in the State Treasury a revolving\n\nfund to be known and designated as the \"Revenue Stabilization Fund\".\n\nThe fund shall be a continuing fund, not subject to fiscal year\n\nlimitations.\n\nB. For determinations made regarding deposits for fiscal years\n\nbeginning on or after July 1, 2019, no monies shall be deposited to\n\nthe credit of the Revenue Stabilization Fund until such time as the\n\namount of actual revenue certified by the State Board of\n\nEqualization as having been deposited into the General Revenue Fund\n\nfor the first fiscal year prior to the beginning of the fiscal year\n\nthat deposits to the Revenue Stabilization Fund are first made\n\nequals or exceeds Six Billion Six Hundred Million Dollars\n\n($6,600,000,000.00).\n\nC. Once the provisions prescribed by subsection B of this\n\nsection have been met, deposits to the Revenue Stabilization Fund as\n\nprescribed by this section may be made during any subsequent fiscal\n\nyear according to the requirements and limitations imposed by this\n\nact; provided that no deposits shall be made during a fiscal year\n\nwhere the State Board of Equalization General Revenue Fund\n\ncertification for said fiscal year is less than the State Board of\n\nEqualization General Revenue Fund certification for the previous\n\nfiscal year plus an increment equal to the amount otherwise\n\ncalculated for deposit pursuant to subsection E of this section.\n\nD. Notwithstanding any other provisions of this section, unless\n\nsuch deposits are the result of a direct appropriation to the\n\nRevenue Stabilization Fund by the Legislature, no monies shall be\n\ndeposited to the credit of the Revenue Stabilization Fund:\n\n1. For any month during a fiscal year after the month during\n\nwhich the declaration of a revenue failure pursuant to the\n\nprovisions of Section 34.49 of this title has been made. For\n\npurposes of this subsection, the limitation on deposits to the\n\nRevenue Stabilization Fund shall be imposed for the remaining months\n\nof the fiscal year during which the revenue failure was declared,\n\nbut shall not operate as a limitation upon deposits for any\n\nsubsequent fiscal year unless a revenue failure is declared at some\n\ntime during such fiscal year; or\n\n2. That would cause deposits to the Revenue Stabilization Fund\n\nfor the fiscal year to exceed three percent (3%) of the State Board\n\nof Equalization General Revenue Fund certification for that fiscal\n\nyear.\n\nE. Except as provided in subsection I of this section, the\n\nRevenue Stabilization Fund shall consist of:\n\n1. One hundred percent (100%) of the revenue derived from the\n\ngross production tax on oil levied pursuant to Section 1001 of Title\n\n68 of the Oklahoma Statutes which is in excess of the five-year\n\naverage computed as prescribed by Section 34.103 of this title;\n\n2. One hundred percent (100%) of the revenue derived from the\n\ngross production tax on natural gas levied pursuant to Section 1001\n\nof Title 68 of the Oklahoma Statutes which is in excess of the five-\n\nyear average computed as prescribed by Section 34.103 of this title;\n\n3. Seventy-five percent (75%) of the revenue derived from\n\ncorporate income tax levied pursuant to Section 2355 of Title 68 of\n\nthe Oklahoma Statutes which is in excess of the five-year average\n\ncomputed as prescribed by Section 34.103 of this title; and\n\n4. Any amounts appropriated by the Legislature.\n\nF. 1. Except as provided in paragraph 2 of this subsection, in\n\nthe event that a revenue failure is declared with respect to the\n\nGeneral Revenue Fund pursuant to Section 34.49 of this title, the\n\nDirector of the Office of Management and Enterprise Services may\n\nwithdraw up to one-quarter (1/4) of the balance of the Revenue\n\nStabilization Fund available at the beginning of the fiscal year,\n\nprovided the total amount withdrawn shall not exceed the amount of\nin\n\nthe event that a revenue failure is declared with respect to the\n\nGeneral Revenue Fund pursuant to Section 34.49 of this title, the\n\nDirector of the Office of Management and Enterprise Services may\n\nwithdraw up to one-quarter (1/4) of the balance of the Revenue\n\nStabilization Fund available at the beginning of the fiscal year,\n\nprovided the total amount withdrawn shall not exceed the amount of\n\nthe declared revenue failure, to in equal proportions reduce or\n\navoid reductions to agencies for the current fiscal year and to\n\nmitigate potential reductions of funds to be expended by common\n\nschool districts which were appropriated or authorized by the\n\nLegislature, but excluding any funds which are apportioned directly\n\nto common school districts.\n\n2. For the fiscal year ending June 30, 2020, in the event that\n\na revenue failure is declared with respect to the General Revenue\n\nFund pursuant to Section 34.49 of this title, the Director of the\n\nOffice of Management and Enterprise Services may withdraw amounts up\n\nto a total of one-half (1/2) of the highest balance during the\n\nfiscal year ending June 30, 2020, of the Revenue Stabilization Fund;\n\nprovided, the total amount withdrawn shall not exceed the amount of\n\nthe declared revenue failure less any appropriations made by the\n\nLegislature to offset such revenue failure, to in equal proportions\n\nreduce or avoid reductions to agencies for the fiscal year and to\n\nmitigate potential reductions of funds to be expended by common\n\nschool districts which were appropriated or authorized by the\n\nLegislature for the fiscal year ending June 30, 2020, but excluding\n\nany funds which are apportioned directly to common school districts.\n\nNo monies shall be withdrawn under the provisions of this subsection\n\nfor the purpose of reducing or avoiding reductions of appropriations\n\nmade pursuant to Section 129 of Enrolled House Bill No. 2765 of the\n\n1st Session of the 57th Oklahoma Legislature or Section 1 of\n\nEnrolled Senate Bill No. 1076 of the 1st Session of the 57th\n\nOklahoma Legislature.\n\nG. In the event that a revenue failure is declared with respect\n\nto the General Revenue Fund pursuant to Section 34.49 of this title,\n\nthe Legislature may appropriate up to one-quarter (1/4) of the\n\nbalance of the Revenue Stabilization Fund available at the beginning\n\nof the fiscal year, not to exceed the amount of the revenue failure\n\nas declared with respect to the General Revenue Fund pursuant to\n\nSection 34.49 of this title.\n\nH. If the amount of revenue certified by the State Board of\n\nEqualization at its February meeting in any year to be collected in\n\nthe General Revenue Fund for the upcoming fiscal year is less than\n\nthe amount of revenue certified by the State Board of Equalization\n\nto be collected in the General Revenue Fund for the current fiscal\n\nyear as determined at its February meeting conducted in the\n\npreceding calendar year, the Legislature may appropriate up to one-\n\nhalf (1/2) of the balance of the Revenue Stabilization Fund\n\navailable at the beginning of the fiscal year; provided, that the\n\namount withdrawn shall not exceed the amount of the decline in\n\nrevenue certified.\n\nI. If during the Board of Equalization certification process,\n\none or more of the revenue sources identified in paragraphs 1, 2 and\n\n3 of subsection E of this section are forecasted to experience a\n\nrevenue decrease, then the total deposits to the Revenue\n\nStabilization Fund as otherwise calculated under subsection E of\n\nthis section shall be reduced in an amount equal to such revenue\n\ndecreases. For purposes of this subsection, \"revenue decrease\"\n\nmeans an identified revenue source derived in an amount less than\n\nthe five-year average for such revenue source.","path":["OK Code","Title 62"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os62.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"1e3f2cb4204b554d2253c80b48b01add1dc8740085f71f9a738ee07d987af5aa","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-34.100","next":"us-ok/okla.-stat.-tit.-62-62-34.103"},"notice":"GroundRules: Original legal text. Not legal advice."}