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Key Votes

HB 2562 - Restructures the Tax Rate for Oil and Gas Production - Key Vote

Oklahoma Key Votes

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Stage Details

Legislation - Signed (Executive) -

Title: Restructures the Tax Rate for Oil and Gas Production

Legislation - Conference Report Adopted (Senate) (30-14) - (Key vote)

Title: Restructures the Tax Rate for Oil and Gas Production

Vote Smart's Synopsis:

Vote to adopt a conference report that restructures the tax rates for oil and gas production.

Highlights:

  • Extends a tax of 7 percent on the gross value of production on the production of oil and gas based on a per barrel measurement, effective July 1, 2015 (Sec. 1).
  • Requires oil and gas produced from a well created on or after July 1, 2015, to be taxed 2 percent during the first 36 months of production and 7 percent thereafter, whereas existing law requires horizontally-drilled wells to be taxed 1 percent during the first 48 months of production and 7 percent thereafter (Sec. 1).
Legislation - Conference Report Adopted (House) (61-34) - (Key vote)

Title: Restructures the Tax Rate for Oil and Gas Production

Vote Smart's Synopsis:

Vote to adopt a conference report that restructures the tax rates for oil and gas production.

Highlights:

  • Extends a tax of 7 percent on the gross value of production on the production of oil and gas based on a per barrel measurement, effective July 1, 2015 (Sec. 1).
  • Requires oil and gas produced from a well created on or after July 1, 2015, to be taxed 2 percent during the first 36 months of production and 7 percent thereafter, whereas existing law requires horizontally-drilled wells to be taxed 1 percent during the first 48 months of production and 7 percent thereafter (Sec. 1).
Legislation - Concurrence Vote Failed (House) -
Legislation - Bill Passed (Senate) (41-0) -
Legislation - Bill Passed (House) (64-22) -
Legislation - Introduced (House) -

Title: Restructures the Tax Rate for Oil and Gas Production

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