House Bill 3032, by House Speaker Chris Benge, creates a state energy stabilization fund that aims to reduce the impact energy price volatility has on state revenue collections.
The legislation creates an automatic collection of any gross production taxes above a simple three-year average for deposit into the fund. In years when gross production taxes collected fall below the three-year average, the fund will automatically deposit the difference into the state’s general revenue fund to help mitigate budget shortfalls.
The fund will become active in 2015.
"This bill will allow us to capture gross production revenues in high collection years for use in reduced collection years," said Benge, R-Tulsa. "The budget impact of continued energy price volatility would be negated by this fund, which would take out the uncertainty in our budget planning as it relates to gross production revenues."
The bill passed the House and the Senate today and will now go to the governor for final review.
