gislation passed in the Oklahoma House of Representatives would create a fund to help stabilize the state budget when revenues decline.
House Bill 2763, authored by state Rep. John Michael Montgomery, R-Lawton, and Sen. David Holt, R-Oklahoma City, would create the Revenue Stabilization Fund, tapping excess oil and gas gross production tax collections and excess corporate income tax collections to shore up lagging revenue collections.
The bill authorizes for 25 percent of the Revenue Stabilization Fund to be used by the legislature or OMES to take care of Revenue Failures.
Revenue above average from volatile gross production tax and corporate income tax are saved in a new Revenue Stabilization Fund. It also provides for 25 percent of the above average revenue from corporate income tax to be deposited into the Rainy Day until the Rainy Day Fund hits the cap.
It also allows for 50 percent of the Revenue Stabilization Fund to be used by the legislature for budget years in which revenue is expected to decline from the previous year.
The bill passed 86 to 3 and proceeds to the governor for her signature.