Motor Fuel Tax Code; repealer; reduction in federal excise tax on gasoline or diesel fuel; emergency.

Removed the repeal of 68 O.S. 2021, Section 500.4A, which was likely a placeholder or an error in the previous draft.

Corrected various dates throughout the text (e.g., changing 2025 to 2026) to ensure consistency with the new session year.

Changed the document title from 'Committee Substitute' to 'Floor Substitute' to indicate the bill has been amended on the legislative floor.

Updated the legislative session from the 1st Session (2025) to the 2nd Session (2026) to reflect the current legislative year.

Updated the bill title from 'Proposed Oversight Committee Substitute' to 'Committee Substitute' and added the Senate sponsor's name.

Corrected the fund maintenance deadline from July 1, 2026, to July 1, 2031.

Adjusted the excise tax allocation percentages, increasing the share for the Corporation Commission Plugging Fund to 10.5555% and adding a specific transfer of $1,350,000 to the Oil and Gas Division Revolving Fund.

Established a $5 million minimum maintenance level for the Corporation Commission Plugging Fund.

Adjusted the percentage of oil and gas excise taxes credited to the plugging fund and the Interstate Oil Compact Fund.

Created a temporary excise tax surcharge that activates if the plugging fund falls below the $5 million threshold.

Updated the sunset date for the temporary tax surcharge from July 1, 2026, to July 1, 2031.

Added formal emergency declaration stating the act takes effect immediately upon passage and approval.

Added a repealer section to formally repeal 68 O.S. 2021, Section 500.4A.

Changed the bill title and subject from 'Corporation Commission Plugging Fund' to 'Motor Fuel Tax Code'.

Updated the list of bill sponsors to include Stewart, Provenzano, and Eaves.

Removed specific text detailing excise tax rates, fund maintenance levels, and apportionment percentages.

Removed detailed definitions and rules regarding the Corporation Commission Plugging Fund and the Interstate Oil Compact Fund.

Added a new requirement to transfer $1,350,000 annually from the General Revenue Fund to the Oil and Gas Division Revolving Fund.

Adjusted the sunset dates for the plugging fund and the Interstate Oil Compact Fund, changing the end year from 2031 to 2025.

Reordered the bill's sections and updated the statutory references to reflect the new funding allocations.

Removed the sunset date of July 1, 2026, which previously caused the excise tax on oil and gas to expire.

Replaced the previous requirement to maintain a $5 million plugging fund balance with a new, simpler allocation formula that automatically distributes a fixed percentage of tax revenue to the plugging fund.

Changed the destination of the remaining tax revenue from the 'General Revenue Fund' to the 'Oil and Gas Division Revolving Fund'.

Added a new definition for the 'Interstate Oil Compact Fund of Oklahoma' to receive a portion of the tax revenue.

Removed the requirement for the Corporation Commission to notify the Tax Commission if the plugging fund balance fell below $5 million.