HB 2764: Revenue and taxation; duties of the State Board of Equalization; certification of revenue amounts; income tax rate reduction; effective date. - Oklahoma

House Committee Substitute → Floor (House) · 4 edits

MODERATE

The bill text was updated from the House Committee Substitute version to the Floor version, incorporating amendments made during the legislative process. The substantive policy content regarding tax rates, revenue stabilization rules, and definitions remains unchanged, but the formatting and sponsor list were modified to reflect the final floor version. Notably, the sponsor list was expanded to include additional House members (Lepak and Crosswhite Hader).

Scope change

No change in the scope or applicability of the bill; the changes are primarily formatting, structural, and attribution updates.

TECHNICAL

The document header was updated to explicitly label the text as the 'HOUSE OF REPRESENTATIVES - FLOOR VERSION' instead of the previous 'STATE OF OKLAHOMA' header.

The list of bill sponsors was expanded to include Representatives Lepak and Crosswhite Hader in addition to the original sponsors Caldwell, Kane, Hall, and Haste.

Pagination markers and committee-specific tracking numbers (e.g., 'Req. No. 13809') present in the committee substitute were removed or reorganized for the floor version.

Page footers were updated to include 'BOLD FACE denotes Committee Amendments' instructions, which were absent in the original committee substitute text.

Proposed Committee Substitute (full committee) 1 → House Committee Substitute · 3 edits

MINOR

The bill was amended to add two new Senate sponsors (Hall and Haste) and reclassify the document from a 'Proposed' to a 'Committee' substitute, indicating it has passed the full committee stage. The substantive policy language regarding tax revenue certification and stabilization fund deposits remains unchanged from the previous version.

TECHNICAL

Added two new sponsors, Hall and Haste of the Senate, to the bill's authorship list.

Changed the document title from 'PROPOSED COMMITTEE SUBSTITUTE' to 'COMMITTEE SUBSTITUTE', reflecting its progression in the legislative process.

Updated the reference number on the first page from Req. No. 13775 to Req. No. 13809.

Enrolled (final version) → Proposed Committee Substitute (full committee) 1 · 3 edits

MINOR

The bill was completely rewritten by the committee, replacing the original text with a new version that retains the same core purpose of adjusting state tax rates based on revenue performance. While the substantive policy regarding how oil, gas, and corporate income tax revenues are calculated and deposited into stabilization funds remains largely identical, the committee version includes minor formatting adjustments and a specific line break change in the definition of 'base year total collections' that may affect how the Oklahoma Tax Commission reports data.

Scope change

The scope of the bill remains unchanged; it still applies to the State Board of Equalization and the Oklahoma Tax Commission regarding oil, natural gas, and corporate income tax revenues.

TECHNICAL

The entire bill text was replaced with a committee substitute version, which is a standard legislative process step rather than a substantive policy change.

Minor formatting and spacing adjustments were made throughout the document to conform to committee standards.

DEFINITION

A line break was inserted within the definition of 'base year total collections,' potentially altering how the Oklahoma Tax Commission formats or interprets the annual report used for revenue calculations.

Engrossed → Enrolled (final version) · 2 edits · May 28, 2025

MINOR

The bill transitioned from an 'Engrossed' draft to the final 'Enrolled' version, updating the list of sponsoring legislators and reformatting the text for final passage. The core policy provisions regarding revenue certification, tax rate adjustments, and fund allocations remain substantively unchanged.

TECHNICAL

Updated the list of House and Senate sponsors to include additional legislators (e.g., Hildebrant, Sacchieri) who joined the bill during the legislative process.

Reformatted page headers and section numbering to reflect the final enrolled version, removing draft markers.

Introduced → Engrossed · 5 edits · May 22, 2025

MODERATE

The bill was converted from a proposed 'Budget and Finance Act' into an 'Engrossed' version that specifically amends existing tax statutes. The primary change involves updating the State Board of Equalization's duties to certify revenue averages for oil, natural gas, and corporate income tax. This certification triggers automatic rules for depositing excess revenue into stabilization and reserve funds, while also defining specific terms for future income tax rate reductions.

Scope change

The bill's scope shifted from a general budget framework to specific amendments of Title 62 and Title 68 of the Oklahoma Statutes regarding revenue certification and tax calculations.

REQUIREMENT

Changed the bill title from 'Budget and Finance Act of 2025' to an amendment of existing revenue and taxation laws.

Added specific duties for the State Board of Equalization to certify average annual revenue amounts for oil, natural gas, and corporate income tax based on the previous five fiscal years.

FISCAL

Established mandatory rules for depositing excess revenue into the Revenue Stabilization Fund and Constitutional Reserve Fund based on certified averages.

DEFINITION

Introduced new definitions for 'base year total collections' and 'highest preceding total collections' to standardize how revenue data is reported for tax rate adjustments.

TIMELINE

Removed a standalone provision setting a specific effective date of November 1, 2025, which was replaced by the effective date of the enacted statute.

Revenue and taxation; duties of the State Board of Equalization; certification of revenue amounts; income tax rate reduction; effective date.

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