Okla. Stat. tit. 68, § 68-2355.1A

tax rate changes.

A. The provisions of this section shall be applicable with

respect to the implementation of the decreases in the top marginal

rate of individual income tax otherwise authorized pursuant to the

provisions of subparagraph (h) of paragraphs 1 and 2 of subsection B

of Section 2355 of this title which shall be contingent upon a

determination by the State Board of Equalization made by a

comparison of the revenue computations described by this section

which shall be conducted until the income tax rate of five and

twenty-five hundredths percent (5.25%) is effective.

B. In addition to any other duties prescribed by law, at the

meeting required by paragraph 1 of Section 23 of Article X of the

Oklahoma Constitution to be held in December 2008, and for any

subsequent December meeting of the State Board of Equalization if

the top marginal income tax rate prescribed by subparagraph (h) of

paragraphs 1 and 2 of subsection B of Section 2355 of this title has

not become effective, the State Board of Equalization shall

determine:

1. The amount of revenue growth in the General Revenue Fund of

the State Treasury by comparing the fiscal year General Revenue Fund

estimate for the fiscal year beginning on the next ensuing July 1

date to the revised General Revenue Fund estimate for the then

current fiscal year; and

2. The amount by which the income tax revenue for the tax year

which will begin on the second January 1 date following such

December meeting is estimated to be reduced by the increase in the

standard deduction provided in paragraph 2 of subsection E of

Section 2358 of this title, plus an amount equal to four percent

(4%) of the revised General Revenue Fund estimate for the then

current fiscal year in order for a top marginal income tax rate of

five and twenty-five hundredths percent (5.25%) to be effective.

If the amount determined pursuant to the provisions of paragraph

1 of this subsection is equal to or greater than the amount

determined pursuant to the provisions of paragraph 2 of this

subsection, the Board shall make a preliminary finding that the

Board anticipates that a finding will be made at the February

meeting immediately subsequent to the December meeting that

Oklahoma Statutes - Title 68. Revenue and Taxation Page 752

applicable revenue growth in the state will authorize the

implementation of the provisions of subparagraph (h) of paragraphs 1

and 2 of subsection B of Section 2355 of this title beginning on the

second January 1 following such December meeting.

If the amount determined pursuant to the provisions of paragraph

1 of this subsection is less than the amount determined pursuant to

the provisions of paragraph 2 of this subsection, the Board shall

make a preliminary finding that the Board anticipates that a finding

will be made at the February meeting immediately subsequent to the

December meeting that applicable revenue growth in the state will

not authorize the implementation of the provisions of subparagraph
is subsection is less than the amount determined pursuant to

the provisions of paragraph 2 of this subsection, the Board shall

make a preliminary finding that the Board anticipates that a finding

will be made at the February meeting immediately subsequent to the

December meeting that applicable revenue growth in the state will

not authorize the implementation of the provisions of subparagraph

(h) of paragraphs 1 and 2 of subsection B of Section 2355 of this

title beginning on the second January 1 following such December

meeting.

C. In addition to any other duties prescribed by law, at the

meeting required by paragraph 3 of Section 23 of Article X of the

Oklahoma Constitution to be held in February 2009, and for any

subsequent February meeting of the State Board of Equalization if

the top marginal income tax rate prescribed by subparagraph (h) of

paragraphs 1 and 2 of subsection B of Section 2355 of this title has

not become effective the State Board of Equalization shall

determine:

1. The amount of revenue growth in the General Revenue Fund of

the State Treasury by comparing the fiscal year General Revenue Fund

estimate for the fiscal year beginning on the next ensuing July 1

date to the revised General Revenue Fund estimate for the then

current fiscal year; and

2. The amount by which the income tax revenue for the tax year

which will begin on the January 1 date immediately following such

February meeting is estimated to be reduced by the increase in the

standard deduction provided in paragraph 2 of subsection E of

Section 2358 of this title plus an amount equal to four percent (4%)

of the revised General Revenue Fund estimate for the then current

fiscal year in order for a top marginal income tax rate of five and

twenty-five hundredths percent (5.25%) to be effective.

If the amount determined pursuant to the provisions of paragraph

1 of this subsection is equal to or greater than the amount

determined pursuant to the provisions of paragraph 2 of this

subsection, the Board shall make a finding that applicable revenue

growth in the state will authorize the implementation of the

provisions of subparagraph (h) of paragraphs 1 and 2 of subsection B

of Section 2355 of this title beginning on the January 1 date

immediately following such February meeting.

If the amount determined pursuant to the provisions of paragraph

1 of this subsection is less than the amount determined pursuant to

the provisions of paragraph 2 of this subsection, the Board shall

make a finding that applicable revenue growth in the state does not

Oklahoma Statutes - Title 68. Revenue and Taxation Page 753

authorize the implementation of the provisions of subparagraph (h)

of paragraphs 1 and 2 of subsection B of Section 2355 of this title

beginning with the January 1 date immediately following such

February meeting.

D. If the Board makes a finding that applicable revenue growth

in the state does not authorize the implementation of the provisions

of subparagraph (h) of paragraphs 1 and 2 of subsection B of Section

2355 of this title beginning with calendar year 2010 pursuant to the

provisions of subsection C of this section, the procedures

prescribed by subsection A, subsection B, and subsection C of this

section shall be repeated by the State Board of Equalization for

each successive two-year comparison. Once the income tax rate

otherwise authorized pursuant to subparagraph (h) of paragraphs 1

and 2 of subsection B of Section 2355 of this title has been

implemented as a result of the analysis of the General Revenue Fund

estimates together with the fiscal impact of the standard deduction

as authorized pursuant to paragraph 2 of subsection E of Section

2358 of this title, such income tax rate shall be in effect for the

tax years as prescribed by subparagraph (h) of paragraphs 1 and 2 of

subsection B of Section 2355 of this title.