§ 1003. Tax on oil recovered or from unknown sources
Oklahoma Statutes AnnotatedTitle 68. Revenue and Taxation
68 Okl.St.Ann. § 1003
§ 1003. Tax on oil recovered or from unknown sources
A. It shall be the duty of the Oklahoma Tax Commission to collect, in addition to the gross production tax, twelve and one-half percent (12 1/2%) of the gross value of all oil reported to the Tax Commission as recovered from streams, lakes, ponds, ravines and other natural depressions to which oil shall have escaped or therein was found and twelve and one-half percent (12 1/2%) of the gross value of all oil which is reported to the Tax Commission and which report does not disclose the actual source of the oil. In the event the rightful owner or owners of the royalty interest therein provide satisfactory proof of mineral ownership to the Tax Commission within twelve (12) months of when the tax payment was received by the Tax Commission, such royalty interest owners shall be paid their proper interest or interests. Otherwise, the Tax Commission shall distribute such sum as provided by law for the distribution of gross production taxes.
Credits
Laws 1963, c. 365, § 2 emerg. eff. June 22, 1963. Renumbered from Title 68, § 10-1003 by Laws 1965, c. 215, § 2. Laws 1989, c. 279, § 10, operative July 1, 1989; Laws 1992, c. 30, § 4, emerg. eff. March 31, 1992; Laws 2001, c. 249, § 2, eff. July 1, 2001; Laws 2016, c. 114, § 1, eff. July 1, 2016.
68 Okl. St. Ann. § 1003, OK ST T. 68 § 1003
Current with emergency effective legislation through Chapter 257 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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