SB857 Summary

• Amends Oklahoma gross production tax law (68 O.S. 2011, Section 1004) to clarify the apportionment of revenues collected from taxes on oil, gas, asphalt, and mineral ores beginning July 1, 2002.

• Establishes specific percentage allocations of tax revenue to the State General Revenue Fund, county highway funds, school districts, and various education and infrastructure revolving funds based on tax rates (1%, 2%, 4%, or 7%).

• Caps total annual deposits to education and infrastructure revolving funds at $150,000,000, with excess amounts redirected to the State General Revenue Fund.

• Provides that apportionment of revenues from 1% and 4% tax rates on oil and gas shall continue only as long as those specific rates are levied under Section 1001.

• Becomes effective November 1, 2015.