SB 1434 Summary

• Amends 68 O.S. 2011, Section 1103 regarding apportionment of petroleum and natural gas excise tax revenues collected by Oklahoma.

• Prior to July 1, 2016: Maintains existing tax distribution percentages to General Revenue Fund (82.634% for oil, 82.6045% for gas), Corporation Commission Plugging Fund, and Interstate Oil Compact Fund.

• Beginning July 1, 2016: Increases General Revenue Fund allocation to 92.35% for both oil and natural gas excise taxes, and reduces Interstate Oil Compact Fund allocation to 7.65%.

• In each fiscal year beginning July 1, 2013 or later, the first $1,350,000 of General Revenue Fund apportionment shall be transferred to the Oil and Gas Division Revolving Fund of the Oklahoma Corporation Commission.

• Effective date: July 1, 2013.