Tax Incentive

Several categories of oil and gas activity may now qualify for rebate of 6/7th of the gross production taxes paid. The terms of qualification vary, depending upon the actual work done, and the different categories of incentive tax rebate.  Recent actions by the Oklahoma State Legislature and the Corporation Commission have extended and/or liberalized a number of these programs to July 1, 2006.

Effective for the period of July 1, 2003, production claims for rebate filed with the Oklahoma tax Commission shall be subject to a time limitation pursuant to title 68 O.S., Section 1001 (L).  You may contact Mr. Mark Hendrix at 405.522.5739 or mhendrix@oktax.state.ok.us concerning this matter.