Senate President Pro Tempore Brian Bingman comments on Senate passage of House Bill 2562, which sets the state’s gross production tax rate at 2 percent for any new wells drilled in the state for the first 36 months of production, followed by a permanent rate of 7 percent thereafter.
“This legislation gets us out of the business of picking winners and losers within the industry, and instead encourages growth among all oil and gas drilling,” said Senate President Pro Tempore Brian Bingman, R-Sapulpa. “The oil and gas industry is critical to our state’s economy and this legislation brings fairness to the tax code, provides certainty for the state and the industry, makes tax filing more efficient and encourages continued growth.”
HB 2562 was approved 30-14 on Thursday. The measure now goes to the governor for her signature.