Bill > SB897

This bill modifies the Corporation Commission Plugging Fund by extending its termination date from July 1, 2026, to July 1, 2031. The Plugging Fund is a special state treasury fund designed to help the Corporation Commission address environmental and public safety issues related to oil and gas operations, specifically for plugging abandoned wells and responding to issues like seeping natural gas. The bill maintains the fund's requirement to be maintained at $5 million and preserves the existing mechanism where if the fund falls below this level, the Oklahoma Tax Commission can impose additional excise taxes on oil and gas to replenish it. The bill updates some minor language, such as replacing the word "said" with "the" in describing the fund, but does not substantively change the fund's operational guidelines. The bill will become effective on November 1, 2025, and continues to allow the Corporation Commission to spend up to 8% of the previous year's fund deposits for responding to specific gas-related occurrences and emergency situations.

Budget and Finance, Government Affairs

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb897&Session=2600