Oklahoma HB1372 provides tax exemptions for oil and gas production from certain wells and recovery projects.
Oklahoma HB1372 amends the gross production tax, offering a limited exemption for oil and gas production from specific wells and recovery projects. It provides a temporary discounted tax rate for certain oil and gas recovery projects, with a refund mechanism for exempted gross production taxes. The bill also sets limits on the total amount of refunds and requires a surety for recovery projects.
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