Okla. Stat. tit. 68, § 68-1023
This is the official text of Okla. Stat. tit. 68, § 68-1023, part of Oklahoma’s Stat. tit. 68, — part of the compiled statutory law of Oklahoma, published by the state as "Stat. tit. 68,." Browse the sections below, each linked to its official government source.
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Downward adjustment of value of oil and gas - Refund of
Official statutory text
excess tax.
In the event the gross value of petroleum or other crude or
mineral oil, natural gas, casinghead gas or liquids extracted
therefrom is adjusted downward by any agency of the United States of
America or a court of competent jurisdiction adjudicating an appeal
from said agency, then the amount of the tax paid in excess of the
tax due on the adjusted gross value shall be considered excess tax.
Within one (1) year following the final determination of the gross
value, any producer or purchaser who has paid any such excess tax
may apply for a refund, and the Tax Commission, upon proper finding,
shall have the authority to refund the amount of excess tax paid.
Any refund may, at the discretion of the Tax Commission, be made in
the form of a credit against future tax payments.
In the event the gross value of petroleum or other crude or
mineral oil, natural gas, casinghead gas or liquids extracted
therefrom is adjusted downward by any agency of the United States of
America or a court of competent jurisdiction adjudicating an appeal
from said agency, then the amount of the tax paid in excess of the
tax due on the adjusted gross value shall be considered excess tax.
Within one (1) year following the final determination of the gross
value, any producer or purchaser who has paid any such excess tax
may apply for a refund, and the Tax Commission, upon proper finding,
shall have the authority to refund the amount of excess tax paid.
Any refund may, at the discretion of the Tax Commission, be made in
the form of a credit against future tax payments.
Status: in_force · Read it on the official government site
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