Bill Text For SB0307 - Engrossed

 1|ENGROSSED SENATE                                                       |
  |BILL NO. 307                         By: Daniels of the Senate         |
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  |                                         Bush of the House             |
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 6|       An Act relating to medical marijuana; amending                  |
  |       Provision No. 7, State Question No. 788, Initiative             |
 7|       Petition No. 412 (63 O.S. Supp. 2018, Section 426),             |
  |       which relates to tax on retail medical marijuana;               |
 8|       providing that sales are subject to certain taxes;              |
  |       providing for deposit of proceeds; providing for                |
 9|       apportionment and remittance; creating certain fund;            |
  |       clarifying direction of monies; stating purposes;               |
10|       clarifying language; and declaring an emergency.                |
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13|BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:                  |
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14|    SECTION 1.     AMENDATORY     Provision No. 7, State Question      |
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15|No. 788, Initiative Petition No. 412 (63 O.S. Supp. 2018, Section      |
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16|426), is amended to read as follows:                                   |
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17|    Section 426.  A.  The 1.  An excise tax on retail medical          |
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18|marijuana sales will be established at is hereby levied at the rate    |
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19|of seven percent (7%) of the gross amount received sales by the        |
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20|seller.                                                                |
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21|    B.  This tax will 2.  The excise tax shall be collected at the     |
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22|point of sale.  Tax                                                    |
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23|    3.  Excise tax proceeds will be applied primarily to finance the   |
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24|regulatory office shall be deposited in the Oklahoma Medical           |
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arsid13903511 (Floor Amendments Only)                              Page 1
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 1|Marijuana Tax Revenue Fund created in subsection C of this section     |
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 2|and shall be expended as provided therein.                             |
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 3|    B.  1.  The sale of retail medical marijuana shall be subject to   |
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 4|applicable state and local sales tax.                                  |
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 5|    2.  Proceeds from state sales tax shall be apportioned as          |
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 6|provided in Section 1353 of Title 68 of the Oklahoma Statutes.         |
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 7|    3.  Proceeds from local sales tax shall be remitted to the         |
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 8|county and municipal governments when the point of sale is located     |
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 9|within the boundaries of the applicable political subdivision.         |
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10|    C.  If proceeds from the levy authorized by subsection A of this   |
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11|section exceed the budgeted amount for running the regulatory          |
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12|office, any surplus shall be apportioned with There is hereby          |
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13|created in the State Treasury a fund to be designated the "Oklahoma    |
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14|Medical Marijuana Tax Revenue Fund".  The fund shall be a continuing   |
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15|fund, not subject to fiscal year limitations, and shall consist of     |
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16|monies received pursuant to subsection A of this section and any       |
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17|monies designated to the fund by law.  All monies accruing to the      |
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18|credit of the fund shall be appropriated at the discretion of the      |
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19|Legislature for the operation of the Oklahoma Medical Marijuana        |
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20|Authority of the State Department of Health; provided, the amount      |
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21|not appropriated to the Authority shall be appropriated with           |
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22|seventy-five percent (75%) going to the General Revenue Fund and may   |
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23|only to be expended for common education.  Twenty-five and             |
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24|twenty-five percent (25%) shall be apportioned to the Oklahoma State   |
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arsid13903511 (Floor Amendments Only)                              Page 2
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 1|Department of Health and earmarked for drug and alcohol                |
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 2|rehabilitation to be expended on substance abuse prevention and        |
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 3|treatment programs.                                                    |
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 4|    SECTION 2.  It being immediately necessary for the preservation    |
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 5|of the public peace, health or safety, an emergency is hereby          |
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 6|declared to exist, by reason whereof this act shall take effect and    |
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 7|be in full force from and after its passage and approval.              |
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 8|    Passed the Senate the 14th day of March, 2019.                     |
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  |                                    Presiding Officer of the Senate    |
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12|    Passed the House of Representatives the ____ day of __________,    |
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13|2019.                                                                  |
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  |                                     Presiding Officer of the House    |
16|                                                 of Representatives    |
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arsid13903511 (Floor Amendments Only)                              Page 3
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