Taxation; directing State Board of Equalization to make certain certification; reduction of income tax rate upon certain certification. Emergency.

SB 1 requires Oklahoma's State Board of Equalization to certify average tax revenues from oil, natural gas, and corporate income over the past five years. If next year's revenue for oil or natural gas exceeds this average, the excess must go to the Revenue Stabilization Fund; for corporate income, 25% of the excess goes to the Constitutional Reserve Fund (within constitutional limits) and 75% to the Revenue Stabilization Fund. The bill also mandates the Board to certify if estimated tax collections for the next fiscal year exceed 2024's actual collections by $400 million, which would trigger a reduction in the state's income tax rate. This bill directly affects the State Board of Equalization through new certification duties and impacts taxpayers via potential tax rate adjustments.