Oklahoma HB3972 creates the Ad Valorem Reimbursement Fund to compensate counties for revenue losses due to tax exemptions and state property.

Oklahoma HB3972 amends the Ad Valorem Reimbursement Fund to provide compensation to counties for revenue losses due to tax exemptions for new or expanded manufacturing or research and development facilities, buffer strips, and state property purchases exceeding $300 million. The fund prioritizes reimbursements for tax exemptions and state property purchases, with remaining funds distributed among counties for other exemptions. County commissioners must file claims by April 30 each year, and the Tax Commission reviews and approves or disapproves claims by June 15.

Oklahoma HB3972 creates the Ad Valorem Reimbursement Fund to compensate counties for revenue losses due to tax exemptions and state property.

Oklahoma HB3972 amends the Ad Valorem Reimbursement Fund to provide compensation to counties for revenue losses due to tax exemptions for new or expanded manufacturing or research and development facilities, buffer strips, and state property purchases exceeding $300 million. The fund prioritizes reimbursements for tax exemptions and state property purchases, with remaining funds distributed among counties for other exemptions. County commissioners must file claims by April 30 each year, and the Tax Commission reviews and approves or disapproves claims by June 15.