A Continental Resources rig in Chickasha. [Photo by Chris Landsberger, The Oklahoman Archives]

In dual committees that met after 11 p.m. Monday, the Oklahoma Legislature advanced a temporary raise in the gross production tax and rejected a bill targeting state agency “swag.”

House Bill 2429 raises the oil and gas production tax rate to 4 percent on wells that are taxed at 1 percent.

While new horizontal wells are taxed at 2 percent, some older wells drilled between 2011 and 2015 are taxed at the lower discount rate. After 48 months in operation, those wells are scheduled to be taxed at 7 percent.

If the bill becomes law, it would raise approximately $95.3 million in the budget year that begins July 1.