Text operative on and after July 1, 2014
There is hereby levied, pursuant to 68 O.S. § 2701.A., an extended temporary excise
tax, also known as a sales tax, of one and one-tenth percent (1.1%) in addition to
the currently existing permanent excise tax of two percent (2%) of the gross proceeds
or gross receipts derived from all sales taxable under the sales tax code of Oklahoma,
including any and all amendments thereto and revisions thereof, and additionally upon
the sale of natural or artificial gas and electricity when sold exclusively for residential
use as authorized by 68 O.S. § 1357(8). The said temporary one and one-tenth percent
(1.1%) sales tax shall remain in effect until the end of the next available calendar
quarter as soon as the full amount of Five Hundred Sixty-Three Million Seven Hundred
Thousand Dollars ($563,700,000.00) shall have been collected, but in no event later
than seven (7) years, that is, June 30, 2021, at which time the said extended temporary
one and one-tenth percent (1.1%) sales tax shall expire, and the permanent two percent
(2%) sales tax shall be left unchanged.
The Mayor or his/her designee shall give notice to the Oklahoma Tax Commission, as
provided by law, to reduce the sales tax levied pursuant to this chapter from three
and one-tenth percent (3.1%) to two percent (2%) at the end of the next available
calendar quarter as soon as Five Hundred Sixty-Three Million Seven Hundred Thousand
Dollars ($563,700,000.00) is collected from the funds raised from the incremental
increase of the tax levy from two percent (2%) to three and one-tenth percent (3.1%)
or after seven (7) years, that is, June 30, 2021, whichever is earlier; provided,
the Mayor or his/her designee may give notice to the Oklahoma Tax Commission upon
a reasonable estimate that collections shall meet or exceed Five Hundred Sixty-Three
Million Seven Hundred Thousand Dollars ($563,700,000.00) during the then-current calendar
quarter.
