House Bill No. 1372 amends the gross production tax laws in Oklahoma, specifically targeting oil and gas recovery projects. The bill introduces a temporary discounted tax rate of five percent for oil and gas production from wells spudded before and after the effective date of the act, lasting for thirty-six months. Additionally, it provides a fifty-percent reduction in gross production tax for recovery projects involving wells on the Corporation Commission's orphaned well list, contingent upon the producer filing a surety bond of $25,000 per well. This surety is intended to protect the Corporation Commission's Plugging Fund in case the well is abandoned.

The bill also outlines various exemptions and refund processes for secondary and tertiary recovery projects, as well as for wells completed using recycled water. It establishes a framework for refund claims against gross production taxes for exempted production, with specific limits on the total amount of refunds available each fiscal year. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage.

Statutes affected:
Introduced: 68-1001
House Committee Substitute: 68-1001
Floor (House): 68-1001
Floor (Senate): 68-1001
Engrossed: 68-1001
Enrolled (final version): 68-1001