{"id":26674,"date":"2016-05-31T11:06:00","date_gmt":"2016-05-31T16:06:00","guid":{"rendered":"http:\/\/stateimpact.npr.org\/oklahoma\/?p=26674"},"modified":"2016-05-31T11:06:24","modified_gmt":"2016-05-31T16:06:24","slug":"governor-signs-bill-to-bank-booming-revenue-to-fund-state-during-oil-busts","status":"publish","type":"post","link":"https:\/\/stateimpact.npr.org\/oklahoma\/2016\/05\/31\/governor-signs-bill-to-bank-booming-revenue-to-fund-state-during-oil-busts\/","title":{"rendered":"Governor Signs Bill to Bank Booming Revenue to Fund State During Oil Busts"},"content":{"rendered":"<div id=\"attachment_25089\"  class=\"wp-caption module image right\" style=\"max-width: 300px;\"><img decoding=\"async\" loading=\"lazy\" class=\"size-medium wp-image-25089\" alt=\"Gov. Mary Fallin speaking at the 2013 Governor's Energy Conference in Tulsa, Okla.\" src=\"https:\/\/stateimpact.npr.org\/oklahoma\/files\/2015\/09\/100913-FallinGEC-01s-300x199.jpg\" width=\"300\" height=\"199\" \/><\/p>\n<p class=\"wp-media-credit\">Joe Wertz \/ StateImpact Oklahoma<\/p>\n<p class=\"wp-caption-text\">Gov. Mary Fallin speaking at the 2013 Governor&#39;s Energy Conference in Tulsa, Okla.<\/p>\n<\/div><p>Gov. Mary Fallin on Friday signed into law legislation that banks boom-time tax revenues to cushion the state during energy downturns.<\/p><p>The Energy Revenues Stabilization Act was created through <a href=\"http:\/\/www.oklegislature.gov\/BillInfo.aspx?Bill=HB%202763\">House Bill 2763<\/a>, authored by Rep. John Montgomery, R-Lawton. The measure siphons off above-average tax revenues levied on corporations and oil and gas production and saves it in an account that can be tapped during state funding emergencies.<!--more--><\/p><p>Government funding in Oklahoma is particularly susceptible to swings in oil and gas prices, and overall tax revenue has been limited by years of tax cuts. Oil and coal downturns have hurt other states, too, but some, <a href=\"http:\/\/www.npr.org\/2016\/01\/19\/463622817\/in-oklahoma-low-energy-prices-drive-state-budget-crisis\">like North Dakota<\/a>, have been buoyed by large energy savings accounts.<\/p><p>Oklahoma&#8217;s new stabilization fund can only be withdrawn if state finance officials declare a revenue failure, as <a href=\"http:\/\/publicradiotulsa.org\/post\/facing-13b-deficit-oklahoma-hit-another-revenue-failure#stream\/0\">they did<\/a> in February 2016.<\/p><p>The bill\u2019s co-author, Sen. David Holt, R-Oklahoma City, said the legislation will free up revenue for lawmakers struggling to fund government during future energy industry downturns.<\/p><p>\u201cThey won\u2019t know our names, but they\u2019ll be very grateful to us that we do this,\u201d he said on the Senate floor. \u201cI think it\u2019s an excellent response to the situation we found ourselves in this year.\u201d<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Gov. Mary Fallin on Friday signed into law legislation that banks boom-time tax revenues to cushion the state during energy downturns.The Energy Revenues Stabilization Act was created through House Bill 2763, authored by Rep. John Montgomery, R-Lawton. The measure siphons off above-average tax revenues levied on corporations and oil and gas production and saves it [&hellip;]<\/p>\n","protected":false},"author":36,"featured_media":25089,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":[],"categories":[490],"tags":[662,238,419,638],"acf":[],"_links":{"self":[{"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/posts\/26674"}],"collection":[{"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/users\/36"}],"replies":[{"embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/comments?post=26674"}],"version-history":[{"count":7,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/posts\/26674\/revisions"}],"predecessor-version":[{"id":26681,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/posts\/26674\/revisions\/26681"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/media\/25089"}],"wp:attachment":[{"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/media?parent=26674"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/categories?post=26674"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/stateimpact.npr.org\/oklahoma\/wp-json\/wp\/v2\/tags?post=26674"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}