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PrintE-mailHouse approves energy stabilization fund

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Published: 03/04/10 - 6:45pm Written by Dick Pryor

OKLAHOMA CITY (AP) - House Speaker Chris Benge's plan to shore up gross production tax collections and stabilize state budgeting has been overwhelmingly approved by the Oklahoma House. House members voted 86-4 for the measure Thursday and sent it to the Senate for consideration. The measure creates a state energy stabilization fund to reduce the impact of volatile energy prices on state revenue collections.

Under the plan, any gross production tax collections above a simple three-year average is automatically deposited into the fund. In years when gross production taxes 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. Low energy prices have contributed to a projected $1.2 billion budget shortfall next year.