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11:29 am
Thu February 25, 2010

Oklahoma's Revenue Stream

Oklahoma City, OK – House panel approves energy stabilization measure

OKLAHOMA CITY (AP) A bill designed to stabilize revenue from taxes on oil and natural gas production has passed a House committee.

The House Appropriations and Budget Committee late Wednesday approved a bill that would automatically deposit into a special fund gross production taxes above a three-year average. In years when collections dip below the three-year average, money in the fund would go to the general revenue fund to help mitigate budget shortfalls.

House Bill 3032 is sponsored by House Speaker Chris Benge, who says the measure would help ease budget crises like the one Oklahoma is facing.

Lawmakers are expected to have about $1.2 billion less to spend on next year's budget than they appropriated last year, due mostly to a sluggish economy and low energy prices.