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What is the oil production tax in Oklahoma?

Tax Rate: 5% for the first thirty-six months of production from a new well. 7% for all other production. If Oil was recovered from an unknown source an additional 12.5% is levied.

What is the source of tax revenue in Oklahoma?

Sales taxes are the largest tax source for Oklahoma governments, followed by the individual income tax. Together these account for 55 percent of Oklahoma tax revenue.

Are production taxes the same as severance taxes?

Severance taxes are most commonly imposed in oil producing states within the United States. Resources that typically incur severance taxes when extracted include oil, natural gas, coal, uranium, and timber. Some jurisdictions use other terms like gross production tax.

How much is the tax on a barrel of oil?

The petroleum Superfund tax rate is $0.164 per barrel for 2023 (rate is indexed annually for inflation)

What is the severance tax on oil in Oklahoma?

7 percent for gross value of oil and gas production.

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Is there ad valorem tax on oil and gas in Oklahoma?

The State of Oklahoma does not collect ad valorem taxes on oil and gas. Instead, producers must pay a gross production tax (GPT) based on the current value of gas, along with a severance tax. Oklahoma offers several exemptions, deductions and incentives that help keep rates low, with a top statutory rate of 7%.

How is oil production taxed?

The US currently taxes petroleum production in two main ways: the income tax and an ad valorem royalty of 18.5 percent for oil pumped on federal lands. Effective income tax rates for both corporate and pass-through oil producers are lower than for most other industries due to sector-specific tax breaks.

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What is the oil production tax in Oklahoma?

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How much is the tax on a barrel of oil?

What is the severance tax on oil in Oklahoma?

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What is the oil production tax in Oklahoma?

What is the source of tax revenue in Oklahoma?

Are production taxes the same as severance taxes?

How much is the tax on a barrel of oil?

What is the severance tax on oil in Oklahoma?

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Is there ad valorem tax on oil and gas in Oklahoma?

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