§68-1101.

§68-1101.
   
   A. Prior to July 1, 2001 and as provided in Section 1103.1 of this
   title, there is hereby levied, in addition to the gross production
   tax, an excise tax equal to ninety-five one thousandths of one percent
   (.095 of 1%) of the gross value on each and every barrel of petroleum
   oil produced in the State of Oklahoma which is subject to gross
   production tax in the State of Oklahoma. Such excise tax of
   ninety-five one thousandths of one percent (.095 of 1%) of the gross
   value shall be reported to and collected by the Tax Commission at the
   same time and in the same manner as is provided by law for the
   collection of gross production tax on petroleum oil. On petroleum oil
   sold at the time of production, the excise tax thereon shall be paid
   by the purchaser, who is hereby authorized to deduct in making
   settlement with the producer and/or royalty owner the amount of tax so
   paid; provided, that in the event oil on which such tax becomes due is
   not sold at the time of production, but is retained by the producer,
   the tax on such oil not so sold shall be paid by the producer for
   himself, including the tax due on royalty oil not sold; and provided,
   further, that in settlement with royalty owner, such producer shall
   have the right to deduct the amount of tax so paid on royalty oil, or
   to deduct therefrom royalty oil equivalent in value at the time such
   tax becomes due with the amount of tax paid.
   
   The provisions of this subsection shall terminate on June 30, 2001.
   
   B. Beginning on July 1, 2001, there is hereby levied, in addition to
   the gross production tax, an excise tax equal to eighty-five one
   thousandths of one percent (.085 of 1%) of the gross value on each and
   every barrel of petroleum oil produced in the State of Oklahoma which
   is subject to gross production tax in the State of Oklahoma. Such
   excise tax of eighty-five one thousandths of one percent (.085 of 1%)
   of the gross value shall be reported to and collected by the Tax
   Commission at the same time and in the same manner as is provided by
   law for the collection of gross production tax on petroleum oil. On
   petroleum oil sold at the time of production, the excise tax thereon
   shall be paid by the purchaser, who is hereby authorized to deduct in
   making settlement with the producer and/or royalty owner the amount of
   tax so paid; provided, that in the event oil on which such tax becomes
   due is not sold at the time of production, but is retained by the
   producer, the tax on such oil not so sold shall be paid by the
   producer for himself, including the tax due on royalty oil not sold;
   and provided, further, that in settlement with royalty owner, such
   producer shall have the right to deduct the amount of tax so paid on
   royalty oil, or to deduct therefrom royalty oil equivalent in value at
   the time such tax becomes due with the amount of tax paid.