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07 September 2017

Refunds associated with certain Oklahoma oil and gas gross production tax incentives must be filed on or before September 30, 2017

As a result of recently enacted Oklahoma legislation (HB 2377), the last day to file refund claims for several Oklahoma oil and gas gross production tax incentives is September 30, 2017. Affected incentives include the following:

— Secondary Recovery Project
— Tertiary Recovery Project
— Inactive Well
— Production Enhancement Project
— Deep Well (12,500 feet — 14,999 feet)
— New Discovery Well
— 3D Seismic Shoot
— Economically At Risk Wells

These incentives will no longer be available for tax remitters to utilize beginning with July 2017 production.

Other recently enacted Oklahoma legislation (HB 2429) reduces the Oil and Gas Horizontal Incentive rate to 4% for the remaining life of the exemption, effective for July 2017 production and thereafter.

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Contact Information
For additional information concerning this Alert, please contact:
 
State and Local Taxation Group
• Debra Ochocki(817) 348-6174
• Robert Wehr(817) 348-6169
• SK Thakkar(713) 750-5269
• Mindi Friese(214) 969-8269

Document ID: 2017-1426

 

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