OK SB642

Amends Oklahoma gross production tax law (68 O.S. 2011, Section 1004) to remove an obsolete date reference ("Beginning July 1, 2002") and replace it with general language establishing how the tax is levied and apportioned.

Maintains existing tax apportionment formulas for oil, natural gas, and mineral production across multiple state funds including education technology, higher education capital, student aid, county highways, and county schools.

Preserves the $150 million annual cap on deposits to various revolving funds, with excess revenues directed to the General Revenue Fund, except for specific fiscal year 2012 allocations to education, public safety, and emergency funds.

Effective date is November 1, 2013.