{"data":{"id":"us-ok/okla.-stat.-tit.-62-62-34.103","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 62, § 62-34.103","heading":"Revenue certification and apportionment by the State","body":"Board of Equalization.\n\nA. In addition to any other duties prescribed by law, at the\n\nmeeting required by Section 23 of Article X of the Oklahoma\n\nConstitution to be held in February of 2017, and at the February\n\nmeeting of the State Board of Equalization each year thereafter, the\n\nState Board of Equalization shall certify:\n\n1. For the revenue derived from the tax levied on oil pursuant\n\nto Section 1001 of Title 68 of the Oklahoma Statutes, which would\n\notherwise be apportioned to the General Revenue Fund, the average\n\nannual amount of actual revenue apportioned to the General Revenue\n\nFund for the immediately preceding five (5) complete fiscal years.\n\nFor any year after the first year during which a deposit to the\n\nRevenue Stabilization Fund is made, the amount of any deposit to the\n\nRevenue Stabilization Fund shall be disregarded for purposes of this\n\nparagraph and the average shall be computed using the total amount\n\nof revenue that was available to be apportioned to the General\n\nRevenue Fund for the applicable period of time;\n\n2. For the revenue derived from the tax levied on natural gas\n\npursuant to Section 1001 of Title 68 of the Oklahoma Statutes, which\n\nwould otherwise be apportioned to the General Revenue Fund, the\n\naverage annual amount of actual revenue apportioned to the General\n\nRevenue Fund for the previous five (5) fiscal years. For any year\n\nafter the first year during which a deposit to the Revenue\n\nStabilization Fund is made, the amount of any deposit to the Revenue\n\nStabilization Fund shall be disregarded for purposes of this\n\nparagraph and the average shall be computed using the total amount\n\nof revenue that was available to be apportioned to the General\n\nRevenue Fund for the applicable period of time; and\n\n3. For the revenue derived from the corporate income tax levied\n\npursuant to Section 2355 of Title 68 the Oklahoma Statutes, which\n\nwould otherwise be apportioned to the General Revenue Fund, the\n\naverage annual amount of actual revenue apportioned to the General\n\nRevenue Fund for the previous five (5) fiscal years. For any year\n\nafter the first year during which a deposit to the Revenue\n\nStabilization Fund is made, the amount of any deposit to the Revenue\n\nStabilization Fund shall be disregarded for purposes of this\n\nparagraph and the average shall be computed using the total amount\n\nof revenue that was available to be apportioned to the General\n\nRevenue Fund for the applicable period of time.\n\nB. If the amount of revenue available for apportionment to the\n\nGeneral Revenue Fund for the next ensuing fiscal year exceeds the\n\namounts certified pursuant to paragraph 1 or 2 of subsection A of\n\nthis section, with respect to each such revenue source, one hundred\n\npercent (100%) of such amount in excess of the separately computed\n\nfive-year average, which would otherwise be apportioned to the\n\nGeneral Revenue Fund, shall be deposited to the credit of the\n\nRevenue Stabilization Fund.\n\nC. If the amount of revenue available for apportionment to the\n\nGeneral Revenue Fund for the next ensuing fiscal year exceeds the\n\namount certified pursuant to paragraph 3 of subsection A of this\n\nsection:\n\n1. Twenty-five percent (25%) of such amount in excess of the\n\nfive-year average, which would otherwise be apportioned to the\n\nGeneral Revenue Fund, shall be deposited to the credit of the\n\nConstitutional Reserve Fund unless such deposit would exceed the\n\nmaximum balance permitted pursuant to Section 23 of Article X of the\n\nOklahoma Constitution and in such case the amount in excess of the\n\nmaximum balance shall be deposited to the credit of the Revenue\n\nStabilization Fund; and\n\n2. Seventy-five percent (75%) of such amount in excess of the\n\nfive-year average, which would otherwise be apportioned to the\n\nGeneral Revenue Fund, shall be deposited to the credit of the\n\nRevenue Stabilization Fund, together with any amount required for\ntitution and in such case the amount in excess of the\n\nmaximum balance shall be deposited to the credit of the Revenue\n\nStabilization Fund; and\n\n2. Seventy-five percent (75%) of such amount in excess of the\n\nfive-year average, which would otherwise be apportioned to the\n\nGeneral Revenue Fund, shall be deposited to the credit of the\n\nRevenue Stabilization Fund, together with any amount required for\n\ndeposit pursuant to the provisions of paragraph 1 of this\n\nsubsection.\n\nD. 1. As used in this subsection and as used in subsection D\n\nof Section 2355 of Title 68 of the Oklahoma Statutes:\n\na. \"base year total collections\" means the amount of\n\nrevenue certified by the State Board of Equalization\n\nat its December meeting and includes all revenue\n\nsources reported in the annual report of the Oklahoma\n\nTax Commission excluding any tax collected by the\n\nCommission from levies imposed by counties, cities,\n\ntowns or any other entity of local government, which\n\nfor purposes of implementation of any income tax rate\n\nreductions otherwise authorized by this act shall be\n\nthe highest preceding total collections amount as\n\ndefined by subparagraph b of this paragraph. For\n\npurposes of reporting total collections for purposes\n\nof this subsection, the Oklahoma Tax Commission shall\n\nuse the same methodology used to report estimated\n\nrevenues to the State Board of Equalization that was\n\nused to make the report for the December 2024 meeting,\n\nb. \"highest preceding total collections\" means the\n\nlargest amount of revenue reported for any single\n\nfiscal year prior to the immediately preceding full\n\nfiscal year, determined by the State Board of\n\nEqualization at its December meeting and including all\n\nrevenue sources reported in the annual report of the\n\nOklahoma Tax Commission excluding any tax collected by\n\nthe Commission from levies imposed by counties,\n\ncities, towns or any other entity of local government.\n\nFor purposes of reporting total collections for\n\npurposes of this subsection, the Oklahoma Tax\n\nCommission shall use the same methodology used to\n\nreport estimated revenues to the State Board of\n\nEqualization that was used to make the report for the\n\nDecember 2024 meeting,\n\nc. \"income tax rate reduction threshold\" means the amount\n\nof revenue determined by the Oklahoma Tax Commission\n\nfor twelve (12) months comprising a single tax year\n\npredicted to be foregone as a result of any reduction\n\nin income tax rates pursuant to the provisions of this\n\nact, including the provisions of subsection D of\n\nSection 2355 of Title 68 of the Oklahoma Statutes\n\nmultiplied by the number one and twenty-five\n\nhundredths (1.25). The income tax rate reduction cost\n\nthreshold shall not be less than the amount of revenue\n\nloss attributable to a reduction in the income tax\n\nrates for the previous fiscal year and shall not be\n\ngreater than such revenue loss for the previous fiscal\n\nyear multiplied by the number one and twenty-five\n\nhundredths (1.25), and\n\nd. \"comparison year total collections\" means the amount\n\nof revenue determined by the State Board of\n\nEqualization at its December meeting for the\n\nimmediately preceding fiscal year and includes all\n\nrevenue sources reported in the annual report of the\n\nOklahoma Tax Commission excluding any tax collected by\n\nthe Commission from levies imposed by counties,\n\ncities, towns or any other entity of local government.\n\nFor purposes of reporting total collections for\n\npurposes of this subsection, the Oklahoma Tax\n\nCommission shall use the same methodology used to\n\nreport estimated revenues to the State Board of\n\nEqualization that was used to make the report for the\n\nDecember 2024 meeting.\n\n2. In addition to any other duties prescribed by law, at the\n\nmeeting required by Section 23 of Article X of the Oklahoma\n\nConstitution to be held in December of 2026, and at the December\nhis subsection, the Oklahoma Tax\n\nCommission shall use the same methodology used to\n\nreport estimated revenues to the State Board of\n\nEqualization that was used to make the report for the\n\nDecember 2024 meeting.\n\n2. In addition to any other duties prescribed by law, at the\n\nmeeting required by Section 23 of Article X of the Oklahoma\n\nConstitution to be held in December of 2026, and at the December\n\nmeeting of the State Board of Equalization each year thereafter, the\n\nState Board of Equalization shall make a preliminary certification:\n\na. and report the base year total collections, the income\n\ntax rate reduction threshold, and the comparison year\n\ntotal collections,\n\nb. if the comparison year total collections amount\n\nexceeds the base year total collections amount plus\n\nthe income tax reduction cost threshold, the tax rates\n\notherwise prescribed pursuant to subsection D of\n\nSection 2355 of Title 68 of the Oklahoma Statutes\n\nshall be reduced according to the provisions of\n\nSection 2355 of Title 68 of the Oklahoma Statutes and\n\nany reduction in such rates shall become effective on\n\nthe January 1 date following the final February\n\ncertification by the State Board of Equalization that\n\nan income tax rate reduction is authorized by the\n\nprovisions of this act, and\n\nc. with respect to all subsequent meetings of the Board,\n\nthe Board shall make a preliminary finding at its\n\nDecember meeting each year and, if the requirements of\n\nthis act are fulfilled, the State Board shall make a\n\nfinal determination at its February meeting each year\n\nwhether the comparison year total collections exceeds\n\nthe base year total collections plus the income tax\n\nreduction cost threshold, and a reduction in the\n\nincome tax rates otherwise prescribed pursuant to\n\nparagraphs 1 and 2 of subsection D of Section 2355 of\n\nTitle 68 of the Oklahoma Statutes shall be implemented\n\nand any reduction in such rates shall become effective\n\non the January 1 date following the final February\n\ncertification by the State Board of Equalization that\n\nan income tax rate reduction is authorized by the\n\nprovisions of this act.\n\n3. In addition to any other requirements of this act for the\n\nimplementation of a reduction of individual income tax rates\n\npursuant to this subsection and pursuant to subsection E of Section\n\n2355 of Title 68 of the Oklahoma Statutes, at the State Board of\n\nEqualization meeting to be held in December 2026, the State Board\n\nmust certify that the revenues accruing to certified funds during\n\nthe first five and one-half (5 1/2) months of fiscal year ending\n\nJune 30, 2027, were within ninety-five percent (95%) of the estimate\n\nmade in February 2026, and no revenue failure was declared.","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":"fe632eced245400022402bd9f075668b94c4c75c6c67fe4ed5297f4a5d4337b6","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-62-62-34.102","next":"us-ok/okla.-stat.-tit.-62-62-34.103a"},"notice":"GroundRules: Original legal text. Not legal advice."}