OK HB1337

Creates the Oklahoma Water Basin Protection Act establishing water basin districts for the 19 water drainage basins in Oklahoma, formed through interlocal agreements between two or more public agencies

Levies a severance fee on stream water transferred more than 20 miles outside its originating water drainage basin, with the fee amount set by the Oklahoma Water Resources Board using a least-cost-alternative formula

Requires new permit holders transferring water outside basin boundaries to meter and report annual water volume and submit severance fees by June 30 each year; exempts modifications or renewals of permits issued before the act's effective date

Creates the Oklahoma Water Basin Revolving Fund to collect severance fees, which are distributed to water basin districts, tribal governments through compact agreements, and districts in other areas demonstrating need for water infrastructure

Authorizes water basin districts to use distributed funds for water and sewage infrastructure, economic development incentives, tourism projects, and quality of life improvements within the drainage basin