HB1129 Summary

• Changes the effective date for gross production tax apportionment from July 1, 2002 to July 1, 2016

• Creates the Energy Revenue Stabilization Fund to receive revenue exceeding the moving five-year average amounts for both natural gas and oil taxes

• Fund monies become available for legislative appropriation only when gross production tax revenues decline by 5 percentage points or more in a fiscal year compared to the prior year

• Limits annual appropriations from the fund to 50 percent of the fund balance in any fiscal year

• Requires the Oklahoma Tax Commission to report the moving five-year average amounts for oil and gas to state leadership by January 31 each year, with first report due January 31, 2016