SB897

Oklahoma SB897 modifies the Corporation Commission Plugging Fund's maintenance level and termination date.

Oklahoma SB897 amends the Corporation Commission Plugging Fund to maintain a minimum balance of Five Million Dollars ($5,000,000.00) until July 1, 2036. If the fund falls below this level, the Corporation Commission must notify the Oklahoma Tax Commission and impose an excise tax on oil and gas. The fund, which is not subject to fiscal year limitations or legislative appropriations, supports emergency responses with critical environmental or public safety impacts. The act becomes effective November 1, 2025.