Oklahoma SB298 amends gross production tax on oil, gas, and mineral production, providing exemptions and refund mechanisms.
Oklahoma SB298 amends the gross production tax on oil, gas, and mineral production, providing exemptions and refund mechanisms. The bill levies a tax on the production of asphalt, ores bearing lead, zinc, jack, and copper, and oil and gas. It exempts certain oil and gas production from gross production taxes, including production from wells completed with recycled water and production used to generate electricity for microgrids. The Tax Commission is authorized to issue refunds for exempted production, subject to certain conditions and limitations.
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