OK HB2429

Amends Oklahoma gross production tax rates on oil and gas, effective July 1, 2017, establishing reduced tax rates of 2% and 4% for qualifying new wells and production during specific periods.

Modifies tax apportionment for oil and gas revenues, directing collections to the General Revenue Fund, County Highway Funds, school districts, and various revolving funds including education and infrastructure programs.

Caps total annual deposits to education and infrastructure revolving funds at $150 million, with excess revenues directed to the General Revenue Fund.

Establishes apportionment formulas for different tax rates: 7% oil/gas taxes contribute to revenue stabilization funds and various state programs, while 4% and 2% rates have modified distribution percentages.

Emergency clause provides act takes effect immediately upon passage and approval, with standard provisions becoming effective July 1, 2017.