OK SB1132

Amends Oklahoma law requiring remitters to withhold 5% from oil and gas royalty payments made to non-resident royalty interest owners

Adds publicly-traded partnerships (as defined by Internal Revenue Code Section 7704) to the list of royalty interest owners exempt from the 5% withholding requirement

Extends the exemption to publicly-traded partnership affiliates, defined as LLCs or limited partnerships where at least 80% of member or partnership interests are owned directly or indirectly by the publicly-traded partnership

Existing exemptions remain for Oklahoma residents, government entities, charitable institutions, and federally recognized Indian tribes

Effective date: November 1, 2016