Vote Smart's Synopsis:

Vote to pass a bill that increases the amount of money appropriated to the Corporation Commission's plugging fund to $20 million from oil and gas production in Oklahoma, effective July 1, 2025.

Highlights:

• Requires the Oklahoma Corporation Commission's Plugging Fund to be maintained at $5 million prior to July 1, 2031 otherwise an excise tax shall be imposed and collected (Sec. 1).

• Specifies that expenditures from the plugging fund shall be to respond to occurrences of seeping natural gas (Sec. 1).  

• Amends and modifies provisions of the bill related to the levy of excise tax on petroleum oil so that an amount of up to $10 million shall be transferred to the plugging fund beginning July 1, 2025 (Sec. 2). 

• Specifies that the provisions of this bill shall take effect July 1, 2025 (Sec. 3). 

Full Bill Text