CCOSA's Position on SQ 800
Oct 15, 2018
CCOSA Opposes State Question 800;
Encourages Members to Vote NO Nov. 6
SQ 800 is a constitutional amendment that would create a new reserve fund for oil and gas revenue. If passed, five percent of the collections from the gross production tax on oil and gas would be diverted to the Oklahoma Vision Fund beginning July 1, 2020. The percentage of GPT going into the fund would increase by two-tenths of a percent each year.
OUR BIGGEST CONCERN
Schools could lose millions of dollars in potential funding every year due to the diversion of funds to the Oklahoma Vision Fund. Schools currently get about 10 percent of all GPT revenue in funding that is dedicated outside of the appropriations process.
OTHER MAJOR CONCERNS
- No limits on how much money the fund can hold in reserve
- A lack of restrictions on investments by the state
- Funds would be deposited each year regardless of amount of state revenues collected
- It is a third reserve fund that would be tapped by a set amount each year
- No mechanism for the legislature to tap or delay the fund, even in an emergency
DEERING STATEMENT ON SQ 800:
"CCOSA is opposed to State Question 800, a Constitutional amendment that would require 5% of collections from the gross production tax on oil and gas be deposited in a trust fund called the Oklahoma Vision Fund. It would negatively impact funding for public schools at a time when they are already extremely under-funded. With the increase in tax rates on oil and gas in 2017, new revenue will be available to support public education and other vital state services that have suffered in recent years due to budget cuts. We need to restore those cuts and meet current budget needs before diverting money to a third trust fund for the state."
REMEMBER: You must use your personal email address and personal home computer to forward or share information encouraging others to vote no.