Oklahoma legislation · 2026 Regular Session
Oklahoma HB3986: Taxes; gross production tax; requiring certain completion methods for specific exemptions; effective date.
Status: Signed into law, May 12, 2026
What the bill says
An Act relating to taxes; amending 68 O.S. 2021, Section 1001, as last amended by Section 1, Chapter 51, O.S.L. 2025 (68 O.S. Supp. 2025, Section 1001), which relates to gross production tax; requiring certain completion methods for specific exemptions; and providing an effective date. SUBJECT: Taxes.
From the enrolled text, May 5, 2026:
An Act relating to taxes; amending 68 O.S. 2021, Section 1001, as last amended by Section 1, Chapter 51, O.S.L. 2025 (68 O.S. Supp. 2025, Section 1001), which relates to gross production tax; requiring certain completion methods for specific exemptions; and providing an effective date. SUBJECT: Taxes SECTION 1. AMENDATORY 68 O.S. 2021, Section 1001, as last amended by Section 1, Chapter 51, O.S.L. 2025 (68 O.S. Supp. 2025, Section 1001), is amended to read as follows: Section 1001. A. There is hereby levied upon the production of asphalt, ores bearing lead, zinc, jack and copper a tax equal to three-fourths of one percent (3/4 of 1%) on the gross value thereof. B. On or after the effective date of this act and except as provided by paragraph 4 of this subsection, there shall be levied a tax on the gross value of the production of oil and gas as follows: 1. Upon the production of oil a tax equal to seven percent (7%) of the gross value of the production of oil based on a per barrel measurement of forty-two (42) U.S. gallons of two hundred thirty-one (231) cubic inches per gallon, computed at a temperature of sixty (60) degrees Fahrenheit; 2. Upon the production of gas a tax equal to seven percent (7%) of the gross value of …
Sponsors
- Caldwell (R) · primary sponsor
Latest actions
- : Approved by Governor 05/12/2026
- : Sent to Governor
- : Enrolled measure signed, returned to House
- : Enrolled, signed, to Senate
- : Referred for enrollment
- : Engrossed measure signed, returned to House
- : Measure passed: Ayes: 40 Nays: 5
- : General Order, Considered
- : Placed on General Order
- : Reported Do Pass Revenue and Taxation committee; CR filed
Votes
- Third Reading (May 5, 2026): 40 yea, 5 nay, passed
- Senate Revenue & Taxation Committee (April 13, 2026): 10 yea, 1 nay, passed
- Senate Energy Committee (April 9, 2026): 10 yea, 0 nay, passed
- Third Reading (March 24, 2026): 81 yea, 11 nay, passed
- Floor Vote (February 24, 2026): 27 yea, 1 nay, passed
Subjects: Taxation
Common questions
- What is HB3986?
- HB3986 is a bill in the Oklahoma Legislature (2026 Regular Session): Taxes; gross production tax; requiring certain completion methods for specific exemptions; effective date.
- What does HB3986 do?
- In its own words: An Act relating to taxes; amending 68 O.S. 2021, Section 1001, as last amended by Section 1, Chapter 51, O.S.L. 2025 (68 O.S. Supp. 2025, Section 1001), which relates to gross production tax; requiring certain completion methods for specific exemptions; and providing an effective date. SUBJECT: Taxes.
- What is the status of HB3986?
- Signed into law as of May 12, 2026. Latest action: Approved by Governor 05/12/2026 (May 12, 2026).
- Who sponsored HB3986?
- Caldwell (R).
- Where is the official record for HB3986?
- On the Oklahoma Legislature website: https://www.oklegislature.gov/BillInfo.aspx?Bill=HB3986&Session=2600
Source: official Oklahoma record. Tracked by Delilah, AI for legislation across all 50 states and Congress.