Oklahoma SB311 modifies the gross production tax rates for oil and gas production.
Oklahoma SB311 amends the gross production tax rates for oil and gas production. The bill sets a tax rate of five percent for oil and gas production from wells completed after July 18, 2018, for the first 36 months. After this period, the tax rate reverts to seven percent. The bill also provides for refunds of gross production taxes for certain exempted production and limits the total amount of refunds to $15 million for one exemption and $10 million for another. The act becomes effective November 1, 2025.
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