SB322 Summary

• Amends 68 O.S. 2011, Section 1001 to modify oil and gas gross production tax rates and thresholds effective July 1, 2013

• Adjusts oil tax rate triggers from $17.00/$14.00 per barrel to $23.49/$19.35 per barrel; adjusts gas tax rate triggers from $2.10/$1.75 mcf to new inflation-adjusted amounts

• Requires Oklahoma Tax Commission to make annual adjustments to all dollar amount thresholds based on Consumer Price Index inflation/deflation data, effective July 1, 2014 and each July 1 thereafter

• Maintains existing exemptions and special provisions for enhanced recovery projects, secondary/tertiary recovery, horizontally drilled wells, deep wells, inactive wells, production enhancement projects, and new discoveries

• Declares emergency clause for immediate effectiveness upon passage and approval