Senate Bill 1627 Summary

• Amends 68 O.S. 2011, Section 1004 regarding apportionment of gross production tax revenue collected on oil, natural gas, and mineral production

• Removes obsolete language that restricted tax apportionment provisions to begin "July 1, 2002," making the tax structure permanent rather than time-limited

• Maintains existing distribution percentages for tax revenue among the State General Revenue Fund, County Highway Funds, school districts, and various capital and revolving funds

• Effective date: November 1, 2014