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State Question 800, oil and gas tax investment fund, failed to pass in Oklahoma

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Crews working on oil leak in McClain County

State Question 800, oil and gas tax investment fund, failed to pass in Oklahoma.

The legislature proposed amending the state constitution to create the Oklahoma Vision Fund, which would have received an escalating portion of state gross production taxes beginning with 5 percent in 2020. Additional money could be appropriated to the fund.

The fund would have essentially been an endowment managed by the state treasurer and would have been exempt from the constitutional prohibition against investment of state funds in private equities such as shares of stock. Four percent of the fund was to be apportioned annually to the general fund.

The intent was to create more long-term stability for state revenue.

Opponents said the state doesn’t have enough money to meet immediate needs, and point out a similar step was taken two years ago with the authorization of the Revenue Stabilization Fund.

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