Bill No. 1370 proposes amendments to the existing laws governing the Corporation Commission Plugging Fund and the allocation of excise taxes on oil and gas in Oklahoma. The bill establishes a maintenance level of $5 million for the Plugging Fund, which must be maintained until July 1, 2031. If the fund falls below this threshold, an additional excise tax will be imposed to restore it. The bill also modifies the distribution of excise tax revenues, specifying that from July 1, 2025, a portion of the tax on petroleum oil and natural gas will be allocated to the Interstate Oil Compact Fund of Oklahoma, while a significant amount will be directed to the Corporation Commission Plugging Fund.

Key changes include the extension of the maintenance requirement for the Plugging Fund to 2031 and the introduction of a new allocation structure for excise taxes, which will now include a transfer of up to $10 million to the Plugging Fund. The bill also emphasizes that the provisions will take effect on July 1, 2025, and declares an emergency for immediate implementation upon passage.