If Governor Fallin signs House Bill 2763 the state would begin putting back excess revenue from oil and gas taxes. The House approved the measure on Monday.
Rep. John Michael Montgomery wrote the bill which creates the Revenue Stabilization Fund. It uses excess oil and gas gross production tax collections and excess corporate income tax collections to shore up lagging revenue collections.
“We have seen this year the need for a long term strategy on how to manage our revenue and insure a consistent ability to maintain core government services,” said Rep. Montgomery. “This is part of establishing a vision for the state of Oklahoma in which we are able to take care of providing services without hampering tax payers in times of distress.”
