OK HB2303

Extends the Corporation Commission Plugging Fund termination date from July 1, 2016 to July 1, 2021, maintaining the fund at $5,000,000

Continues the excise tax of 0.095% on gross value of petroleum oil and natural gas production through June 30, 2021, after which the rate drops to 0.085%

Allocates approximately 10.5% of excise tax revenue to the Corporation Commission Plugging Fund, 82.6% to General Revenue Fund, and 6.84% to the Interstate Oil Compact Fund of Oklahoma through June 30, 2021

Allows the Corporation Commission to spend up to 8% of annual plugging fund deposits to respond to seeping natural gas occurrences and environmental or public safety emergencies

Declared an emergency measure, taking effect immediately upon passage and approval