OK SB587

Extends the termination date for the Corporation Commission Plugging Fund from July 1, 2011 to July 1, 2016, continuing the fund's requirement to maintain a $5,000,000 balance.

Modifies excise tax rates on oil and natural gas production: prior to July 1, 2016 the rates remain at 0.095% of gross value, then reduce to 0.085% of gross value on July 1, 2016.

Adjusts the apportionment of excise tax revenues between the General Revenue Fund, Corporation Commission Plugging Fund, and Interstate Oil Compact Fund, with the Plugging Fund receiving approximately 10.5% of oil and gas excise taxes through June 30, 2016.

Clarifies that the Corporation Commission Plugging Fund is a continuing fund not subject to fiscal year limitations or legislative appropriations, with expenditures made according to state law and Corporation Commission statutes.

After July 1, 2016, excise tax revenues are redirected away from the Plugging Fund and Interstate Oil Compact Fund, with the Interstate Oil Compact Fund receiving 7.65% and the General Revenue Fund receiving 92.35% of excise taxes.