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OK HB3330
Bill
Status
2/3/2014
Primary Sponsor
Tahrohon Shannon
Click for details
AI Summary
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Amends Oklahoma's gross production tax law (68 O.S. 2011, Section 1001) regarding oil and gas taxation rates and exemptions
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Modifies tax treatment for oil and gas produced through horizontally drilled wells by reducing the tax rate to 1% for a 48-month period from initial production for wells spudded between July 1, 2011, and July 1, 2015
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Maintains existing exemptions and reduced tax rates for various well types including enhanced recovery projects, inactive wells, production enhancement projects, new discoveries, and deep wells
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Establishes an effective date of July 1, 2014, with emergency provisions for immediate implementation
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Declares an emergency to preserve public peace, health, and safety, allowing the act to take effect upon passage and approval
Legislative Description
Revenue and taxation; gross production taxes; horizontally drilled wells; tax rate; effective date; emergency.
Revenue and Taxation
Last Action
Second Reading referred to Appropriations and Budget
2/4/2014