Oklahoma HB1370 modifies the Motor Fuel Tax Code, reducing federal excise tax on gasoline or diesel fuel, and creates a Corporation Commission.
Oklahoma HB1370 amends the Motor Fuel Tax Code by reducing the federal excise tax on gasoline or diesel fuel. It creates the Corporation Commission Plugging Fund, which consists of monies received by the Corporation Commission as required by law. The fund is used for responding to occurrences of seeping natural gas. The bill also modifies the apportionment of excise tax on petroleum oil, natural gas, and casinghead gas, directing specific percentages to the General Revenue Fund and the Corporation Commission Plugging Fund. The act becomes effective July 1, 2025.
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