{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-1101","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-1101","heading":"Excise tax on oil - Additional tax","body":"A. Prior to July 1, 2026, and as provided in Section 1103.1 of\n\nthis title, there is hereby levied, in addition to the gross\n\nproduction tax, an excise tax equal to ninety-five one thousandths\n\nof one percent (.095 of 1%) of the gross value on each barrel of\n\npetroleum oil produced in this state which is subject to gross\n\nproduction tax in this state. Such excise tax of ninety-five one\n\nthousandths of one percent (.095 of 1%) of the gross value shall be\n\nreported to and collected by the Tax Commission at the same time and\n\nin the same manner as is provided by law for the collection of gross\n\nproduction tax on petroleum oil. On petroleum oil sold at the time\n\nof production, the excise tax thereon shall be paid by the\n\npurchaser, who is hereby authorized to deduct in making settlement\n\nwith the producer and/or royalty owner the amount of tax so paid;\n\nprovided, that in the event oil on which such tax becomes due is not\n\nsold at the time of production, but is retained by the producer, the\n\ntax on such oil not so sold shall be paid by the producer including\n\nthe tax due on royalty oil not sold; and provided, further, that in\n\nsettlement with royalty owner, such producer shall have the right to\n\ndeduct the amount of tax so paid on royalty oil, or to deduct\n\ntherefrom royalty oil equivalent in value at the time such tax\n\nbecomes due with the amount of tax paid.\n\nThe provisions of this subsection shall terminate on June 30,\n\n2026.\n\nB. Beginning on July 1, 2026, there is hereby levied, in\n\naddition to the gross production tax, an excise tax equal to eighty-\n\nfive one thousandths of one percent (.085 of 1%) of the gross value\n\non each barrel of petroleum oil produced in this state which is\n\nsubject to gross production tax in this state. Such excise tax of\n\neighty-five one thousandths of one percent (.085 of 1%) of the gross\n\nvalue shall be reported to and collected by the Tax Commission at\n\nthe same time and in the same manner as is provided by law for the\n\ncollection of gross production tax on petroleum oil. On petroleum\n\noil sold at the time of production, the excise tax thereon shall be\n\npaid by the purchaser, who is hereby authorized to deduct in making\n\nsettlement with the producer and/or royalty owner the amount of tax\n\nso paid; provided, that in the event oil on which such tax becomes\n\ndue is not sold at the time of production, but is retained by the\n\nproducer, the tax on such oil not so sold shall be paid by the\n\nproducer including the tax due on royalty oil not sold; and\n\nprovided, further, that in settlement with royalty owner, such\n\nproducer shall have the right to deduct the amount of tax so paid on\n\nroyalty oil, or to deduct therefrom royalty oil equivalent in value\n\nat the time such tax becomes due with the amount of tax paid.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"3c3a501b93b38fecb50a1c228aa2de061f86488eccb6e4eaa492ccd8bf499d69","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-110","next":"us-ok/okla.-stat.-tit.-68-68-1101.1"},"notice":"GroundRules: Original legal text. Not legal advice."}