HB 2414 Summary

• Imposes an additional excise tax of 75 mills per cigarette in Oklahoma, with revenue distributed to seven health-related enhancement funds (Health Care Authority, Mental Health and Substance Abuse Services, Human Services, University Hospitals, Oklahoma State University Medical Authority, Health Department) and the General Revenue Fund.

• Imposes a temporary 6-cent per gallon tax on gasoline and diesel fuel for 48 months, with revenue deposited into the Rebuilding Oklahoma Access and Driver Safety Fund after meeting certain statutory requirements.

• Creates seven continuing funds exempt from fiscal year limitations to receive cigarette tax revenues, with funds appropriated at the discretion of the Oklahoma Legislature for designated state agencies and purposes.

• Modifies gross production tax rates for oil and gas wells spudded after the effective date, reducing the rate from 7% to 2% for the first 18 months of production, then reverting to standard rates thereafter.

• Amends motor fuel tax exemptions to extend to the new gasoline and diesel fuel tax, and modifies the Rebuilding Oklahoma Access and Driver Safety Fund calculation to account for revenue from the new fuel tax.