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OK SB1254
Bill
AI Summary
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Caps County Highway Fund distributions from gross production taxes on mineral extraction (asphalt, uranium, lead, zinc, gold, silver, copper, natural gas, and oil) at the amount paid for fiscal year ending June 30, 2013
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Directs any gross production tax revenue exceeding the FY2013 cap to be deposited into the state General Revenue Fund instead of County Highway Funds
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Applies the cap across multiple tax rate tiers (7%, 4%, 2%, and 1% rates) for both oil and natural gas production
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Effective date of July 1, 2016, with emergency clause for immediate effect upon passage and approval
Legislative Description
Gross production tax; limiting apportionment of gross production tax to certain amount; providing for distribution of excess. Effective date.
Last Action
coauthored by Standridge
2/24/2016