OK HB2774

Royalty interest owners may claim proceeds from oil with unknown sources by providing satisfactory proof of mineral ownership to the Oklahoma Tax Commission within 12 months of when tax payment was received; unclaimed funds are then distributed as standard gross production taxes

Railroad companies, pipelines, and transportation companies must provide information on crude oil and gas transportation only upon request by the Tax Commission, rather than as a mandatory ongoing duty

Removes gold and silver from the list of minerals subject to gross production tax reporting requirements

Repeals 68 O.S. 2011, Section 1016, which governed distribution of certain gross production tax proceeds to the General Revenue Fund

Effective date of July 1, 2016, with an emergency clause for immediate effect upon passage and approval