Ad valorem tax collections; creating the Centrally Assessed Ad Valorem Volatility Reimbursement Fund; prescribing qualifications and reimbursement amount. Effective date. Emergency.
SB 678 creates a state fund to reimburse Oklahoma counties for lost property tax revenue when centrally assessed properties (like oil/gas facilities) decrease in value. Counties qualify if they lose at least $250,000 in annual tax collections from these properties, receiving 25% of the loss for the first two years after the valuation drop. Reimbursement funds prioritize school districts first, with remaining funds going to counties. The bill appropriates $2 million from the General Revenue Fund to start the fund, effective July 2025.
Bill status
in committee
3 of 5 stages cleared
Introduction
Feb 2025
Committee Review
Mar 2025
Senate Passage
Mar 2025
House Passage
Governor
Introduced Feb 3, 2025
Last action Mar 10, 2025
Maddy AI version diff · 2 comparisons
What changed between versions
Committee Substitute
→
Floor (Senate)
·
3 edits
MINOR
The bill text was reformatted from a Committee Substitute version to a Senate Floor version, with minor structural changes to the title page and section numbering. No substantive policy changes were made to the bill's provisions regarding tax reimbursement, fund creation, or eligibility criteria.
TECHNICAL
Title page was changed from 'Committee Substitute' to 'Senate Floor Version' with updated date and page formatting.
Section numbering was adjusted from 1-21 to 1-20 with renumbered subsections A through E.
Added committee report notation indicating the bill passed as amended on March 5, 2025.
Floor votes · Senate Mar 5, 2025
How they voted
23–0
Passed
Total votes 23
Mar 5, 2025
D
Democratic5
100% Yea
R
Republican18
100% Yea
Vote distribution
All Yea
All Nay
Mixed
No data
Full legislative history
Actions timeline
Total actions
10
Key actions
3
Committee
3
Mar 5, 2025
Upper · Passed
Reported Do Pass as amended Appropriations committee; CR filed
upper
Mar 5, 2025
Senate · Passed
Senate Vote: pass (23-0)
senate
Mar 3, 2025
Committee
Referred to Appropriations
upper
Mar 3, 2025
Upper · Passed
Reported Do Pass, amended by committee substitute Revenue and Taxation committee; CR filed
upper
Feb 3, 2025
Introduced
First Reading
upper
2 primary · 0 co-sponsors
Sponsors
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