Signed by Governor Mary Fallin

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).

Full Bill Text

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).

Full Bill Text