STATE OF OKLAHOMA

1st Session of the 53rd Legislature (2011)

SENATE BILL 21	By:	Eason McIntyre

AS INTRODUCED

An Act relating to income tax refunds; providing for taxpayer donation from income tax refund for music festivals in Historic Greenwood District; providing for distribution of funds; creating specified revolving fund for certain purpose and providing for expenditures from such fund; providing procedures for refund if donation is made in error; providing for codification; and providing an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1.     NEW LAW     A new section of law to be codified in the Oklahoma Statutes as Section 2368.22 of Title 68, unless there is created a duplication in numbering, reads as follows:
A.  Each state individual income tax return form for tax years which begin after December 31, 2010, and each state corporate tax return form for tax years beginning after December 31, 2010, shall contain a provision to allow a donation from a tax refund for the purpose of supporting music festivals held in the Historic Greenwood District.
B.  Except as otherwise provided for in this section, all monies generated pursuant to subsection A of this section shall be paid to the State Treasurer by the Oklahoma Tax Commission and placed to the credit of the Historic Greenwood District Music Festival Revolving Fund created in subsection C of this section.
C.  There is hereby created in the State Treasury a revolving fund to be designated the “Historic Greenwood District Music Festival Revolving Fund” and administered by the Oklahoma Historical Society.  The fund shall be a continuing fund, not subject to fiscal year limitations, and shall consist of all the monies received by the Oklahoma Historical Society pursuant to the provisions of subsection A of this section.  All monies accruing to the credit of the fund are appropriated and may be budgeted and expended by the Oklahoma Historical Society at the beginning of each fiscal year for the purpose of promoting and supporting music festivals in the Historic Greenwood District.  Expenditures from the fund shall be made upon warrants issued by the State Treasurer against claims filed as prescribed by law with the Director of the Office of State Finance for approval and payment.
D.  If a taxpayer makes a donation pursuant to subsection A of this section in error, such taxpayer may file a claim for refund at any time within three (3) years from the due date of the tax return.  Such claims shall be filed pursuant to the provisions of Section 2373 of Title 68 of the Oklahoma Statutes.  Prior to the apportionment set forth in this section, an amount equal to the total amount of refunds made pursuant to this subsection during any one (1) year shall be deducted from the total donations received pursuant to this section during the following year and such amount deducted shall be paid to the State Treasurer and placed to the credit of the Income Tax Withholding Refund Account.
SECTION 2.  This act shall become effective November 1, 2011.

53-1-243	JCR	1/12/2004 6:36:33 AM