This bill amends existing laws related to the Corporation Commission Plugging Fund and the excise tax on oil and gas in Oklahoma. It extends the sunset date for the plugging fund maintenance requirement from July 1, 2026, to July 1, 2036, ensuring that the fund is maintained at a minimum level of $5 million. Additionally, the bill modifies the apportionment of excise tax revenues, specifying that a certain percentage of sales tax will be credited to the Corporation Commission Plugging Fund, with a cap of $10 million per state fiscal year on the amount that can be apportioned to this fund.

Furthermore, the bill revises the distribution of excise tax revenues from petroleum oil and natural gas, reducing the percentage allocated to the General Revenue Fund while increasing the share for the Corporation Commission Plugging Fund. The changes aim to enhance funding for the plugging of abandoned oil and gas wells, thereby addressing environmental and public safety concerns. The act is set to take effect on July 1, 2025, and includes an emergency clause for immediate implementation upon passage.