OK SB1024

Suspends gross production tax exemption claims for economically at-risk oil and gas leases for production from July 1, 2016, through June 30, 2018

Economically at-risk leases are those operated at a net loss or where net profit is less than the gross production tax paid for that lease in the previous calendar year

Exemption amounts vary by tax rate: 6/7 of tax at 7% rate, 3/4 of tax at 4% rate, and no exemption at 1% or 2% rates

Refund claims for calendar years 2014-2020 must be filed within 18 months after the first day of the fiscal year when the refund becomes available

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