OK HB1992

Extends the deadline for certain oil and gas tax incentive programs from July 1, 2014, to July 1, 2016, affecting secondary recovery projects, tertiary recovery projects, inactive well production, production enhancement projects, new discovery wells, and three-dimensional seismic-based wells.

Modifies tax rates for horizontally drilled wells producing after July 1, 2011, reducing the rate from a full exemption to 1% for a 48-month period from initial production.

Extends qualifying deadlines for wells spudded between July 1, 2011, and July 1, 2015, allowing them to claim reduced tax rates (4% for 48 months or 4% for 60 months depending on depth) rather than full exemptions.

Maintains existing provisions for gross production tax exemptions and refunds while restructuring how certain wells that previously qualified for full exemptions will be taxed under reduced rates after July 1, 2011.

Effective January 1, 2014, making the changes applicable to ongoing oil and gas production incentive programs administered by Oklahoma's Tax Commission and Corporation Commission.