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OTC Form BT-158 Gross Production Tax Bond (Surety Bond Form) - Oklahoma
What Is OTC Form BT-158?
This is a legal form that was released by the Oklahoma Tax Commission - a government authority operating within Oklahoma. As of today, no separate filing guidelines for the form are provided by the issuing department.
FAQ
Q: What is OTC Form BT-158?A: OTC Form BT-158 is a bond form specifically used for Gross Production Tax in Oklahoma.
Q: What is a Surety Bond?A: A surety bond is a contract between three parties: the principal, the obligee, and the surety. It ensures that the principal fulfills their obligations as specified in the bond.
Q: What is Gross Production Tax?A: Gross Production Tax is a tax levied on the production of oil and natural gas in Oklahoma.
Q: Why is a bond required for Gross Production Tax?A: A bond is required as a financial guarantee to ensure that the producer will pay the required taxes on their oil and natural gas production.
Q: Who needs to use OTC Form BT-158?A: Producers of oil and natural gas in Oklahoma need to use OTC Form BT-158 to obtain a surety bond for the Gross Production Tax.
Q: How long is the bond valid for?A: The bond is typically valid for one year and needs to be renewed annually.
Q: Are there any specific requirements for the bond?A: Yes, there are specific requirements for the bond amount and coverage, which are determined by the OTC.
Q: Can I get a bond from any surety company?A: No, the bond must be obtained from a surety company that is authorized to provide surety bonds in Oklahoma.
Q: What happens if the producer fails to pay the Gross Production Tax?A: If the producer fails to pay the required taxes, the surety bond will be used to cover the unpaid amount.
Form Details:
- Released on January 1, 2016;
- The latest edition provided by the Oklahoma Tax Commission;
- Easy to use and ready to print;
- Quick to customize;
- Compatible with most PDF-viewing applications;
- Fill out the form in our online filing application.
Download a fillable version of OTC Form BT-158 by clicking the link below{class="scroll_to"} or browse more documents and templates provided by the Oklahoma Tax Commission.
