Oklahoma legislation · 2026 Regular Session
Oklahoma HB3972: Public finance; Ad Valorem Reimbursement Fund; school district revenue loss; state purchases; emergency.
Status: Vetoed, May 12, 2026
What the bill says
An Act relating to public finance; amending 62 O.S. 2021, Section 193, which relates to the Ad Valorem Reimbursement Fund; authorizing reimbursement to school districts of revenue losses related to certain property purchases by the state; limiting reimbursement; modifying reimbursement priority under certain circumstances; and declaring an emergency. SUBJECT: Public finance.
From the enrolled text, May 6, 2026:
An Act relating to public finance; amending 62 O.S. 2021, Section 193, which relates to the Ad Valorem Reimbursement Fund; authorizing reimbursement to school districts of revenue losses related to certain property purchases by the state; limiting reimbursement; modifying reimbursement priority under certain circumstances; and declaring an emergency. SUBJECT: Public finance SECTION 1. AMENDATORY 62 O.S. 2021, Section 193, is amended to read as follows: Section 193. A. There is hereby created in the State Treasury a revolving fund for the Oklahoma Tax Commission to be designated the "Ad Valorem Reimbursement Fund". The fund shall be a continuing fund, not subject to fiscal year limitations. Monies apportioned to this fund shall be expended: 1. To reimburse counties of this state for loss of revenue due to exemptions of ad valorem taxes for new or expanded manufacturing or research and development facilities; 2. Beginning calendar year 2022 and all subsequent years, to reimburse qualified counties of this state for loss of revenue due to exemptions granted to veterans and their surviving spouses pursuant to the provisions of Sections 8D, 8E and 8F of Article X of the Oklahoma Constitution. A county is qualified for reimbursement if the number of exemptions granted to veterans and surviving spouses for the most recently concluded calendar year exceeds eighttenths of one percent (0.8%) of the …
Sponsors
- Caldwell (R) · primary sponsor
Latest actions
- : Vetoed 05/12/2026
- : Sent to Governor
- : Enrolled measure signed, returned to House
- : Enrolled, signed, to Senate
- : Referred for enrollment
- : Fourth Reading, Measure and Emergency Passed: Ayes: 83 Nays: 8
- : SA's read, adopted
- : SA's received
- : Engrossed to House
- : Referred for engrossment
Votes
- Fourth Reading (May 6, 2026): 83 yea, 8 nay, passed
- Third Reading (April 27, 2026): 42 yea, 5 nay, passed
- Senate Revenue & Taxation Committee (April 6, 2026): 8 yea, 2 nay, passed
- Third Reading (March 25, 2026): 82 yea, 11 nay, passed
- Floor Vote (February 24, 2026): 26 yea, 0 nay, passed
Subjects: Funds, Taxation, Public Finance
Common questions
- What is HB3972?
- HB3972 is a bill in the Oklahoma Legislature (2026 Regular Session): Public finance; Ad Valorem Reimbursement Fund; school district revenue loss; state purchases; emergency.
- What does HB3972 do?
- In its own words: An Act relating to public finance; amending 62 O.S. 2021, Section 193, which relates to the Ad Valorem Reimbursement Fund; authorizing reimbursement to school districts of revenue losses related to certain property purchases by the state; limiting reimbursement; modifying reimbursement priority under certain circumstances; and declaring an emergency. SUBJECT: Public finance.
- What is the status of HB3972?
- Vetoed as of May 12, 2026. Latest action: Vetoed 05/12/2026 (May 12, 2026).
- Who sponsored HB3972?
- Caldwell (R).
- Where is the official record for HB3972?
- On the Oklahoma Legislature website: https://www.oklegislature.gov/BillInfo.aspx?Bill=HB3972&Session=2600
Source: official Oklahoma record. Tracked by Delilah, AI for legislation across all 50 states and Congress.