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OK HB1370
Bill
Status
3/6/2025
Primary Sponsor
Brad Boles
Click for details
AI Summary
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Extends the Corporation Commission Plugging Fund sunset date from July 1, 2026 to July 1, 2031, maintaining the $5 million maintenance level requirement
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Changes excise tax apportionment dates from July 1, 2026 to July 1, 2025 for petroleum oil and natural gas/casinghead gas revenues
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Beginning July 1, 2025, establishes new apportionment: 7.65% to Interstate Oil Compact Fund of Oklahoma and 92.35% to General Revenue Fund
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Adds up to $10 million annual transfer to Corporation Commission Plugging Fund from excise tax revenues, in addition to the existing $1.35 million annual transfer to Oil and Gas Division Revolving Fund
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Declares an emergency, making the act effective July 1, 2025
Legislative Description
Corporation Commission plugging fund; extending sunset; excise tax on oil and gas; termination and start dates; sales tax percentage; apportionment; apportionment cap; effective date; emergency.
Last Action
Placed on General Order
4/21/2025