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Benge: Bill would stabilize revenue stream

Benge: Bill would stabilize revenue stream

By M. Scott Carter

The Journal Record

Posted: 10:27 PM Tuesday, February 23, 2010

OKLAHOMA CITY – A bill that supporters said will help stabilize the state’s gross production tax revenue is expected to be heard by the House budget committee Wednesday.

Speaking at a press conference Tuesday morning, House Speaker Chris Benge, R-Tulsa, said his proposal – House Bill 3032 – would create a state energy stabilization fund aimed at reducing the peaks and valleys in state revenue collections. Benge was joined by state Sens. Patrick Anderson, R-Enid, and John Sparks, D-Norman, co-authors of the plan.

Benge said the bill is in the House Appropriations committee. He said the bill calls for an automatic collection of “any gross production taxes above a simple three-year average for deposit into the fund.”

For those years when gross production taxes collected fall below the three-year average, Benge said the fund would automatically deposit the difference into the state’s general revenue fund to help mitigate budget shortfalls... FULL ARTICLE

 

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