Bill > HB1370

This bill extends the sunset date for the Corporation Commission Plugging Fund and modifies the allocation of excise taxes on oil and gas. Specifically, the bill extends the fund's maintenance requirement and tax collection provisions from July 1, 2026, to July 1, 2031, for the first part of the law, and from July 1, 2026, to July 1, 2025, for the second part. The bill changes the tax apportionment for petroleum oil and natural gas excise taxes, reducing the percentage going to the General Revenue Fund and creating new provisions for transferring funds to the Corporation Commission Plugging Fund. Beginning July 1, 2025, seven and sixty-five hundredths percent of excise taxes will go to the Interstate Oil Compact Fund, while ninety-two and thirty-five hundredths percent will go to the General Revenue Fund. The bill also allows for up to Ten Million Dollars to be transferred to the Corporation Commission Plugging Fund each fiscal year after the first One Million Three Hundred Fifty Thousand Dollars is transferred to the Oil and Gas Division Revolving Fund. The bill includes an emergency clause, meaning it will take effect immediately upon passage and approval, and is designed to preserve public peace, health, and safety.

Agriculture and Natural Resources, Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1370&Session=2600