HJR1077 is a proposed constitutional amendment that would revise Article X, Section 40 of the Oklahoma Constitution, which governs the Tobacco Settlement Endowment Trust Fund. The measure would create a new “For Oklahoma’s Future Trust Fund” and require the Board of Investors to transfer $1 billion from the Tobacco Settlement Endowment Trust Fund into the new fund on or after July 1, 2027. The new fund would be invested in the same manner as the existing tobacco settlement trust fund.
Beginning in fiscal year 2030, the Board of Investors would report the earnings available for appropriation from the new fund, and the Legislature could appropriate up to 80% of those earnings for improving health and educational outcomes in Oklahoma. The remaining 20% of earnings, along with any unappropriated earnings, would stay in the trust fund. The resolution also preserves the existing tobacco settlement trust structure, including the uses of earnings for cancer research, tobacco cessation, health care, children’s programs, and senior adult programs, while clarifying constitutional language and authorizing further implementing legislation.
If approved by voters, the measure would alter state constitutional law by carving out a large principal transfer from the Tobacco Settlement Endowment Trust Fund into a separate trust fund with a new appropriation framework. It would affect the State Treasurer, the Board of Investors, the Board of Directors of the trust fund, and the Legislature by changing investment, reporting, and spending rules tied to tobacco settlement revenues and investment earnings. The proposal also sets a special election for August 25, 2026, and includes a ballot title for voter consideration.
The general sentiment reflected in the voting history is favorable, with the bill advancing through the House and Senate Rules Committees and receiving a strong House floor vote. That suggests broad legislative support for the concept of redirecting a portion of tobacco settlement assets toward future health and education priorities. No committee transcript was provided, so there is no recorded floor or committee debate to indicate detailed public arguments.
The main point of potential contention is the transfer of $1 billion out of an existing constitutionally established trust fund, which could raise concerns about reducing the long-term corpus of the Tobacco Settlement Endowment Trust Fund and changing how tobacco settlement money is protected and spent. Supporters likely view the measure as a way to create a dedicated future investment vehicle for health and education, while critics may question the size of the transfer, the timing of legislative access to earnings, and whether the new fund could weaken the original trust’s purposes.
The measure would amend the Oklahoma Constitution to create a new trust fund, the For Oklahoma’s Future Trust Fund, and to authorize a one-time $1 billion transfer from the Tobacco Settlement Endowment Trust Fund beginning July 1, 2027. It would also establish a new earnings and appropriation structure, allowing the Legislature to appropriate up to 80% of annual earnings from the new fund starting in fiscal year 2030 for health and educational outcomes, while requiring the rest to remain in the trust. The Board of Investors would continue to manage investments for both funds under the same general investment framework, and the Legislature would be authorized to enact implementing laws.
Overall sentiment appears supportive and relatively noncontroversial in the legislative process, as shown by the bill’s advancement through committee and passage on the House floor by a substantial margin. The available vote history suggests bipartisan or at least cross-faction support for the proposal’s goals of funding health and education through trust fund earnings. Because no discussion transcript is available, the record does not show detailed public criticism or organized opposition beyond the recorded no votes.
The most notable contention is likely the policy choice to move $1 billion from the existing Tobacco Settlement Endowment Trust Fund into a new fund, which could be viewed as a reallocation of protected settlement assets rather than a new revenue source. Opponents may also object to giving the Legislature access to up to 80% of future earnings, arguing that it could reduce the compounding growth of the trust or create pressure to spend investment returns rather than preserve them. Supporters, by contrast, appear to favor using the earnings for targeted health and education investments while keeping a portion of returns in the fund for long-term growth.