GROSS PRODUCTION TAXES
HB 1085X– Effective December 1, 2017
HB 1085X amends 68 O.S. Section 1001, providing for an increase to the gross production incentive levy currently at four percent (4%). The amendment increases the rate to the seven percent (7%) base rate effective with December 2017 production month.
Prior to such amendments, Oklahoma statutes provided for a gross production incentive levy of four percent (4%) for the production of oil and or natural gas produced from certain wells that were drilled prior to July 1, 2015. The original incentive had a term period of up to sixty (60) months that was effective with the date of first sales. HB 1085X eliminates such term period.
Thank you for your attention to these changes.
Please refer to the enrolled legislation on the Oklahoma Legislature page for complete details. Click here to search.