Bill Text For HB2776 - Senate Floor Version

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  |                            April 7, 2021                              |
 2|                             AS AMENDED                                |
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 3|ENGROSSED HOUSE                                                        |
  |BILL NO. 2776                        By: Pfeiffer of the House         |
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  |                                         Montgomery of the Senate      |
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 9|       [ school funding - Protecting Revenues for Oklahoma             |
  |       Teachers, Educators and Students (PROTEST) Fund - Ad            |
10|       Valorem Reimbursement Fund - codification - effective           |
  |       date -     emergency ]                                          |
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14|BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:                  |
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15|    SECTION 1.     NEW LAW     A new section of law to be codified     |
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16|in the Oklahoma Statutes as Section 3-111.1 of Title 70, unless        |
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17|there is created a duplication in numbering, reads as follows:         |
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18|     A.  There is hereby created in the State Treasury a revolving     |
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19|fund for the Oklahoma Tax Commission to be designated the              |
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20|"Protecting Revenues for Oklahoma Teachers, Educators and Students     |
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21|(PROTEST) Fund".  The fund shall be a continuing fund, not subject     |
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22|to fiscal year limitations, and shall consist of all monies received   |
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23|by the Oklahoma Tax Commission from ad valorem funds which are under   |
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24|protest pursuant to Section 2884 of Title 68 of the Oklahoma           |
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arsid16535197 SENATE FLOOR VERSION - HB2776 SFLR                   Page 1
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 1|Statutes.  All monies accruing to the credit of said fund are hereby   |
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 2|appropriated and may be budgeted and expended by the Oklahoma Tax      |
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 3|Commission for the purpose of providing funding to school districts    |
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 4|which are affected by protested ad valorem taxes.  Expenditures from   |
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 5|said fund shall be made upon warrants issued by the State Treasurer    |
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 6|against claims filed as prescribed by law for approval and payment.    |
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 7|    B.  The board of education of each school district seeking         |
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 8|reimbursement for lost revenue from the Protecting Revenues for        |
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 9|Oklahoma Teachers, Educators and Students (PROTEST) Fund shall make    |
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10|claims for reimbursement on forms prescribed by the Oklahoma Tax       |
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11|Commission.  A claim for reimbursement shall not exceed fifty          |
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12|percent (50%) of the amount of ad valorem funds under protest          |
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13|pursuant to Section 2884 of Title 68 of the Oklahoma Statutes.  If     |
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14|the claim is approved by the Oklahoma Tax Commission, funds shall be   |
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15|disbursed to the school district board of education.  Once the ad      |
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16|valorem funds which are under protest are settled and disbursed to     |
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17|the school district, the school district board of education shall      |
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18|reimburse the PROTEST Fund.                                            |
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19|    C.  The Oklahoma Tax Commission may promulgate rules to            |
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20|implement the provisions of this act.                                  |
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21|    SECTION 2.  This act shall become effective July 1, 2021.          |
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22|    SECTION 3.  It being immediately necessary for the preservation    |
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23|of the public peace, health or safety, an emergency is hereby          |
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arsid16535197 SENATE FLOOR VERSION - HB2776 SFLR                   Page 2
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 1|declared to exist, by reason whereof this act shall take effect and    |
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 2|be in full force from and after its passage and approval.              |
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 3|COMMITTEE REPORT BY: COMMITTEE ON APPROPRIATIONS                       |
  |April 7, 2021 - DO PASS AS AMENDED                                     |
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arsid16535197 SENATE FLOOR VERSION - HB2776 SFLR                   Page 3
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