Okla. Admin. Code § 710:45-9-84

Current through Vol. 42, No. 7, December 16, 2024

Section 710:45-9-84 - Refund procedure

(a)Issuance of refund. Upon certification by the Tax Commission, a refund of the gross production taxes paid in the previous calendar year for the lease shall be issued to the well operator or a designee after the eighteen (18) month refund claim period has concluded.

(b)Limitation of refund. Beginning with calendar year 2022, and each subsequent year thereafter, the Tax Commission is authorized to issue up to Ten Million Dollars ($10,000,000) in economically at-risk refunds for each eligible calendar year. If the total number of claims for an eligible calendar year exceed the refund cap, all approved refunds will be issued at the refund payout rate.

(c)Refund payout rate. The formula to be used for the percentage adjustment shall be Ten Million Dollars ($10,000,000) divided by the amount of approved refund claims. For example, if the total amount of refund claims for calendar year 2022 was Twenty Million Dollars ($20,000,000), the amount of each refund would be reduced by 50%.

(d)Assignment of a designee. If the refund is to be issued to a party other than the recognized operator, a notarized affidavit, signed by the operator must be submitted to the Tax Commission authorizing the designee to receive the refund.

Okla. Admin. Code § 710:45-9-84

Added at 14 Ok Reg 2696, eff 6-26-97; Amended at 18 Ok Reg 869, eff 2-23-01 (emergency); Amended at 18 Ok Reg 1330, eff 5-11-01; Amended at 23 Ok Reg 2816, eff 6-25-06

Amended by Oklahoma Register, Volume 32, Issue 23, August 17, 2015, eff. 8/27/2015

Amended by Oklahoma Register, Volume 34, Issue 24, September 1, 2017, eff. 9/11/2017

Amended by Oklahoma Register, Volume 35, Issue 24, September 4, 2018, eff. 9/14/2018

Amended by Oklahoma Register, Volume 40, Issue 22, August 1, 2023, eff. 8/11/2023