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§ 514. Taxation of unit production or sale proceeds

Oklahoma Statutes AnnotatedTitle 17. Corporation Commission

Oklahoma Statutes Annotated
Title 17. Corporation Commission (Refs & Annos)
Chapter 17. Oklahoma Brine Development Act
17 Okl.St.Ann. § 514
§ 514. Taxation of unit production or sale proceeds
Neither the unit production nor proceeds from the sale thereof shall be treated, regarded or taxed as income or profits to the unit. Instead, such receipts shall be the income of the several persons to whom same are payable under the plan of unitization. To the extent the unit may receive or disburse any receipts it shall only do so as a common administrative agent of the persons to whom the same are payable.

Credits

Laws 1990, c. 255, § 15, eff. Sept. 1, 1990.
17 Okl. St. Ann. § 514, OK ST T. 17 § 514
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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