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OK HB2377
Bill
Status
5/25/2017
Primary Sponsor
Leslie Osborn
Click for details
AI Summary
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Limits exemption periods for various oil and gas production incentives, ending most exemptions for production occurring on or after July 1, 2017
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Eliminates refund claims for most exemptions (inactive wells, production enhancement, new discoveries, seismic) after October 1, 2017
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Restricts economically at-risk lease exemptions to calendar years 2015 and 2016 only, with refunds limited to $12.5 million per year
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Establishes delayed payment schedule for certain refunds over 36 months beginning July 1, 2018, requiring Tax Commission to provide payment schedules to claimants
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Effective July 1, 2017, with emergency declaration allowing immediate implementation
Legislative Description
Revenue and taxation; gross production taxes; limiting period where certain exemptions and rebates may be claimed; economically at-risk oil or gas leases; payment schedule; effective date; emergency.
Last Action
Approved by Governor 05/25/2017
5/25/2017