This bill amends existing Oklahoma law regarding the excise tax on oil and gas, specifically extending the sunset date for the current tax rates from June 30, 2026, to June 30, 2031. The excise tax on petroleum oil and natural gas will remain at 0.095% of the gross value until the new sunset date, after which it will decrease to 0.085%. The bill also updates statutory language to clarify that the Oklahoma Tax Commission will be responsible for collecting these taxes, and it specifies the apportionment of the tax revenues to various funds, including the General Revenue Fund and the Corporation Commission Plugging Fund.

Additionally, the bill outlines the distribution of tax revenues, ensuring that a portion is allocated to the Oil and Gas Division Revolving Fund and The Interstate Oil Compact Fund of Oklahoma. The provisions for the allocation of funds will also be adjusted to reflect the new tax rates after July 1, 2031. The act is set to take effect immediately upon passage, with an emergency clause included to address the urgency of the changes.