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.