Income tax credit; providing certain tax credit. Effective date.

SB 291 amends Oklahoma's tax code to change how the state handles revenue surpluses from oil, natural gas, and corporate income taxes. It requires the State Board of Equalization to annually certify five-year average revenue levels for these sources, then directs deposits of excess revenue above those averages into specific funds: the Revenue Stabilization Fund (for oil/gas) or both the Constitutional Reserve Fund and Revenue Stabilization Fund (for corporate taxes). The bill does not create a new tax credit for taxpayers but instead establishes a procedural framework for managing state revenue surpluses. This directly affects state budgeting by dictating where surplus tax revenue must be deposited.