{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-1374","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-1374","heading":"Sales Tax Remitting Account - Certification of interest","body":"earned - Remittance to municipalities and counties.\n\nA. Not later than the fifth day of each month, the State\n\nTreasurer shall determine and shall certify to the Oklahoma Tax\n\nCommission the aggregate amount of interest earned upon the total of\n\nall amounts deposited to the Sales Tax Remitting Account during the\n\npreceding month.\n\nB. Not later than the fifteenth day of each month, the Oklahoma\n\nTax Commission, acting on behalf of a municipality or county for\n\ncollection of sales taxes and on behalf of a municipality for\n\ncollection of use taxes, shall determine and then remit to each\n\nmunicipality or county:\n\n1. The amount of sales tax revenue, penalties and interest\n\ncollected on behalf of the municipality or county and the amount of\n\nuse tax revenue, penalties and interest collected on behalf of the\n\nmunicipality for the preceding month; and\n\n2. An amount equal to the municipality's or county's\n\nproportionate share of the total interest earned upon all amounts\n\ndeposited to the Sales Tax Remitting Account for the month as\n\ndetermined by the Oklahoma Tax Commission as provided in subsections\n\nC and D of this section.\n\nC. The proportionate share of interest earned by each\n\nmunicipality shall be determined by dividing the total deposit of\n\nsales tax or use tax revenue, penalties and interest made on behalf\n\nof each municipality for the month, after deduction of the retention\n\nfee authorized by Section 2702 of Title 68 of the Oklahoma Statutes,\n\nby the total amount of all sales tax or use tax revenue, penalties\n\nand interest deposited into the Sales Tax Remitting Account for the\n\nsame month. The resulting figure shall be multiplied by the total\n\namount of interest earned upon all deposits of sales tax or use tax\n\nrevenue, penalties and interest made to the Sales Tax Remitting\n\nAccount for the same month. The resulting dollar amount shall be\n\nremitted to each municipality together with the amount as required\n\nby paragraph 1 of subsection B of this section.\n\nD. The proportionate share of interest earned by each county\n\nshall be determined by dividing the total deposit of sales tax\n\nrevenue, penalties and interest made on behalf of each county for\n\nthe month, after deduction of the one-percent fee authorized by\n\nSection 1371 of Title 68 of the Oklahoma Statutes, by the total\n\namount of all sales tax revenue, penalties and interest deposited\n\ninto the Sales Tax Remitting Account for the same month. The\n\nresulting figure shall be multiplied by the total amount of interest\n\nearned upon all deposits of sales tax revenue, penalties and\n\ninterest made to the Sales Tax Remitting Account for the same month.\n\nThe resulting dollar amount shall be remitted to each county\n\ntogether with the amount as required by paragraph 1 of subsection B\n\nof this section.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"806896db8b73e96442e01c02b0b749b35755353f1d8e54c339b3ade05f086430","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-1373","next":"us-ok/okla.-stat.-tit.-68-68-1375"},"notice":"GroundRules: Original legal text. Not legal advice."}