Taxation; gross production tax on certain interests; providing exemption. Effective date.

SB 298 creates two new exemptions from Oklahoma's gross production tax for oil and gas producers. It exempts production from secondary/tertiary recovery projects approved after July 1, 2022 (for up to 5 years) and production from wells completed using recycled water (for up to 24 months, proportional to recycled water use). Producers must claim refunds through the Oklahoma Tax Commission, with annual spending limits of $15 million for recovery projects and $10 million for recycled water projects. The bill updates existing tax language and requires refunds for exempted production, directly affecting oil and gas operators implementing these specific production methods.