All Roll Calls
Yes: 135 • No: 51
OklahomaHB 4072Oklahoma 2026 Regular SessionHouseWALLET
Public Finance; creating the Taxpayer Endowment Trust Fund Act; creating the Taxpayer Endowment Trust Fund; effective date; emergency.
Sponsored By: Trey Caldwell (Republican)
Signed by Governor
Senate Committee
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Bill Overview
Analyzed Economic Effects
5 provisions identified: 3 benefits, 0 costs, 2 mixed.
Excess oil, gas, corporate to reserves
When oil, natural gas, or corporate income tax collections rise above a five‑year average, the law diverts most of the extra to savings. Seventy‑five percent goes to the Revenue Stabilization Fund and 25% goes to the new Taxpayer Endowment Trust Fund. This 75%/25% split applies to excess oil and gas receipts and, in general, to excess amounts that would have gone to General Revenue after other required deposits. Seventy‑five percent of corporate income tax is also sent to the stabilization fund. The law also sets the General Revenue share of individual income tax receipts at 85.41% for FY2023–FY2027 and 85.66% from FY2028 on.
Set oil revenue shares and cap
The law splits the 5% oil tax into named funds: 23.75% to Common Education Technology, 23.75% to Higher Education Capital, 23.75% to Oklahoma Student Aid, 3.28% to the County Bridge and Road fund, 10% to county highways, 10% to schools (with the 15‑mill and 12‑year rules), and 0.47% to the Statewide Circuit Engineering District fund. A 5% share also supports capital projects, going to Tourism through the fiscal year ending June 30, 2027, then to the Water Resources Board REAP Water Projects Fund starting July 1, 2027. Total deposits to several of these revolving funds are capped at $150 million each fiscal year; extra goes to General Revenue. In addition, $30 million is transferred from General Revenue to the Filmed in Oklahoma Program Revolving Fund until that program expires.
Automatic income tax rate trigger
Starting December 2026, the State Board of Equalization checks if recent collections beat a base year plus a set threshold. If they do, personal income tax rates are reduced under state law. Any approved cut takes effect January 1 after the Board’s final February certification. For the first test, the Board must also confirm the first 5.5 months of FY 2027 were at least 95% of the February 2026 estimate and no revenue failure was declared.
Taxpayer endowment fund and oversight
The law creates the Taxpayer Endowment Trust Fund and keeps all its investment earnings in the fund. A Board invests the money with prudent, diversified rules and posts a public policy by July 1 and an annual report by November 1. No money can be appropriated until the fund’s year‑end value is over $1 billion or 10 years pass after the first deposit. After that, the Board may distribute up to 4% a year based on a five‑year average, with amounts certified by November 30 and deposited to General Revenue each July 1. The State Treasurer can hire help (up to two staff) and be reimbursed from the fund. Public entities, including this fund, may invest up to 5% of rolling three‑year assets in approved Invest in Oklahoma venture and growth funds.
Oil and gas money for schools, roads
The law sends set shares of oil and gas taxes to county highways and local schools. For the 2% gas tax, 25% goes to county highways and 25% goes to school districts by average daily attendance. A district must levy 15 mills and offer 12 years of instruction to get its share. For the 1% oil tax, the split is 50% to county highways and 50% to schools with the same school rules. For the 2% oil tax, until General Revenue matches the five‑year average, 50% goes to General Revenue, 25% to county highways, and 25% to schools. From June 28, 2018 to July 1, 2025, the 5% gas tax pays 80% to General Revenue, 10% to county highways, and 10% to schools until the moving average is met; after that point, any extra uses the 75% to stabilization and 25% to the endowment split.
Sponsors & Cosponsors
Sponsor
Trey Caldwell
Republican • House
Cosponsors
Chuck Hall
Republican • Senate
John Haste
Republican • Senate
John Kane
Republican • House
Roll Call Votes
Senate vote • 4/16/2026
THIRD READING
Yes: 28 • No: 18
House vote • 4/14/2026
THIRD READING
Yes: 68 • No: 25
House vote • 4/13/2026
DO PASS
Yes: 21 • No: 2
Senate vote • 4/13/2026
Committee vote: Joint Committee on Appropriations and Budget
Yes: 18 • No: 6
Actions Timeline
Approved by Governor 04/22/2026
4/22/2026HouseSent to Governor
4/16/2026HouseEnrolled measure signed, returned to House
4/16/2026SenateEnrolled, signed, to Senate
4/16/2026HouseReferred for enrollment
4/16/2026HouseEngrossed measure signed, returned to House
4/16/2026SenateEmergency failed: Ayes: 28 Nays: 18
4/16/2026SenateMeasure passed: Ayes: 28 Nays: 18
4/16/2026SenateJCR adopted
4/16/2026SenateDirect to Calendar
4/15/2026SenateFirst Reading
4/14/2026SenateEngrossed, signed, to Senate
4/14/2026HouseReferred for engrossment
4/14/2026HouseThird Reading, Measure and Emergency passed: Ayes: 68 Nays: 25
4/14/2026HouseJCR adopted
4/14/2026HouseGeneral Order
4/14/2026HouseEmergency added
4/13/2026HouseJCR; Do pass, amended by committee substitute Joint Committee on Appropriations and Budget
4/13/2026HouseSecond Reading referred to Joint Committee on Appropriations and Budget
2/3/2026HouseCoauthored by Senator(s) Haste
2/2/2026HouseAuthored by Senator Hall (principal Senate author)
2/2/2026HouseAuthored by Representative Caldwell (Trey), Kane
2/2/2026HouseFirst Reading
2/2/2026House
Bill Text
Enrolled (final version)
4/16/2026
Engrossed
4/14/2026
Floor (House)
4/13/2026
House Committee Substitute
4/13/2026
House Joint Committee Report
4/13/2026
Introduced
1/15/2026
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