1| STATE OF OKLAHOMA | | | 2| 1st Session of the 59th Legislature (2023) | | | 3|HOUSE BILL 1907 By: Fugate | | | 4| | | | 5| | | | 6| AS INTRODUCED | | | 7| An Act relating to public finance; providing for | | disposition of revenue derived from corporate income | 8| tax levy; specifying authorized use of revenue; | | providing for codification; providing an effective | 9| date; and declaring an emergency. | | | 10| | | | 11| | | | 12| | | | 13|BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA: | | | 14| SECTION 1. NEW LAW A new section of law to be codified | | | 15|in the Oklahoma Statutes as Section 30001 of Title 62, unless there | | | 16|is created a duplication in numbering, reads as follows: | | | 17| Notwithstanding any other provisions of law to the contrary, for | | | 18|the fiscal year beginning July 1, 2023, and for each fiscal year | | | 19|thereafter, the revenue derived from the income tax on corporations | | | 20|levied pursuant to Section 2355 of Title 68 of the Oklahoma Statues | | | 21|shall be apportioned or appropriated for the following purposes; | | | 22| 1. The Oklahoma Department of Commerce in an amount not to | | | 23|exceed Fifty Million Dollars ($50,000,000.00); | | | 24| | | | Req. No. 6657 Page 1 ___________________________________________________________________________
1| 2. Career technology education in an amount not to exceed One | | | 2|Hundred Fifty-five Million Dollars ($155,000,000.00); and | | | 3| 3. The Quick Action Closing Fund created pursuant to Section | | | 4|48.2 of Title 62 of the Oklahoma Statutes in an amount not to exceed | | | 5|Twenty Million Dollars ($20,000,000.00). If the balance in the | | | 6|Quick Action Closing fund equals Twenty Million Dollars | | | 7|($20,000,000.00) no additional revenue shall be apportioned and no | | | 8|revenue shall be apportioned to the Fund if the apportionment would | | | 9|cause the balance to exceed Twenty Million Dollars ($20,000,000.00). | | | 10| SECTION 2. This act shall become effective July 1, 2023. | | | 11| SECTION 3. It being immediately necessary for the preservation | | | 12|of the public peace, health or safety, an emergency is hereby | | | 13|declared to exist, by reason whereof this act shall take effect and | | | 14|be in full force from and after its passage and approval. | | | 15| | | | 16| 59-1-6657 MAH 01/17/23 | | | 17| | | | 18| | | | 19| | | | 20| | | | 21| | | | 22| | | | 23| | | | 24| | | | Req. No. 6657 Page 2