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OK SB1280
Bill
Status
3/11/2026
Primary Sponsor
Micheal Bergstrom
Click for details
AI Summary
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Extends the sunset date for the current oil and gas excise tax rate of 0.095% from July 1, 2026 to July 1, 2031, delaying the scheduled reduction to 0.085%
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Maintains the current apportionment formula through June 30, 2031: approximately 82.6% to General Revenue Fund, 10.5% to Corporation Commission Plugging Fund, and 6.84% to Interstate Oil Compact Fund of Oklahoma
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Continues the annual transfer of $1,350,000 from General Revenue to the Oil and Gas Division Revolving Fund of the Corporation Commission
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Takes effect July 1, 2026 and includes an emergency clause for immediate implementation upon passage
Legislative Description
Excise tax; extending sunset of apportionments of excise tax collections on oil and gas. Effective date. Emergency.
Last Action
First Reading
3/11/2026