Oklahoma SB1280 extends the sunset of excise tax apportionments on oil and gas collections.

Oklahoma SB1280 amends the state's excise tax on oil and gas by extending the sunset of the tax rate and apportionment. The bill modifies the tax rates and the distribution of collected funds, ensuring that certain percentages of the tax revenue are credited to specific funds. The changes apply to both natural gas and petroleum oil, with specific provisions for the Interstate Oil Compact Fund of Oklahoma and the Oil and Gas Division Revolving Fund of the Oklahoma Corporation Commission. The bill also declares an emergency, necessitating immediate effect upon passage.

Oklahoma SB1280 extends the sunset of excise tax apportionments on oil and gas collections.

Oklahoma SB1280 amends the state's excise tax on oil and gas by extending the sunset of the tax rate and apportionment. The bill modifies the tax rates and the distribution of collected funds, ensuring that certain percentages of the tax revenue are credited to specific funds. The changes apply to both natural gas and petroleum oil, with specific provisions for the Interstate Oil Compact Fund of Oklahoma and the Oil and Gas Division Revolving Fund of the Oklahoma Corporation Commission. The bill also declares an emergency, necessitating immediate effect upon passage.