Bill > SB1280

This bill extends the sunset date for certain excise taxes levied on oil and gas production in Oklahoma from June 30, 2026, to June 30, 2031, meaning these taxes will continue to be collected for an additional five years. The excise tax is an additional tax on the gross value of oil and gas produced in the state, separate from the gross production tax. The bill also adjusts the apportionment of these tax revenues, with a larger percentage now directed to the General Revenue Fund and a smaller percentage to the Interstate Oil Compact Fund, while maintaining a portion for the Corporation Commission Plugging Fund. The bill declares an emergency, allowing it to take effect immediately upon passage and approval.