Oklahoma Governor Signs Law Amending Gross Production Tax Law

The Oklahoma Governor signed a law amending the state’s gross production tax law related to oil and gas operations. The law includes: 1) reducing the production tax rate by 50 percent for 36 months on wells brought back into production from the state’s orphaned well list; and 2) requiring producers to post a $25,000 per well surety bond. The law takes effect July 1. [S.B. 1372, enacted 05/07/25]

This story was produced by Bloomberg Tax Automation, and edited by Bloomberg Tax staff.