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STATE OF OKLAHOMA
1st Session of the 58th Legislature (2021)
COMMITTEE SUBSTITUTE
FOR
HOUSE BILL NO. 2866 By: Wallace
COMMITTEE SUBSTITUTE
An Act relating to revenue and taxation; amending 68
O.S. 2011, Section 2370.1, as last amended by Section
1, Chapter 131, O.S.L. 2018 (68 O.S. Supp. 2020,
Section 2370.1), which relates to credits against the
banking privilege tax; modifying time periods during
which certain credit may be claimed; and providing an
effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 68 O.S. 2011, Section 2370.1, as
last amended by Section 1, Chapter 131, O.S.L. 2018 (68 O.S. Supp.
2020, Section 2370.1), is amended to read as follows:
Section 2370.1 A. There s hall be allowed a credit against the
tax imposed by Section 2370 of this title for any state banking
association, national banking association and credit union organized
under the laws of this state for the amount of the guaranty fee paid
by the banking association or credit union to the United States
Small Business Administration pursuant to the "7(a)" loan guaranty
program.
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B. The credit authorized by this section may be claimed for
guaranty fees paid on or after January 1, 2000 2022, and before
January 1, 2022 2025.
C. No credit may be claimed pursuant to this section if,
pursuant to the agreement between the banking association or credit
union and the entity to which proceeds are made available, the
banking association or credit union adds the amount o f the SBA 7(a)
loan guaranty fee to the amount financed by the borrower or in any
other way recovers the guaranty fee amount from the borrower.
D. The credit authorized by this section may be claimed and if
not fully used in the initial year for which the credit is claimed
may be carried over, in order, to each of the five (5) succeeding
taxable years. The credit authorized by this section may not be
used to reduce the tax liability of the credit claimant below zero
(0).
E. The Oklahoma Tax Commission sh all prepare a report regarding
the amount of tax credits claimed as authorized by this section.
The report shall be submitted to the Speaker of the House of
Representatives and to the President Pro Tempore of the Senate not
later than March 31 of each yea r.
F. Pursuant to Section 46A of Title 62 of the Oklahoma
Statutes, there shall be a measurable goal of retaining and/or
creating two thousand jobs per year in Oklahoma for the credit
against the tax imposed by Section 2370 of this title.
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SECTION 2. This act shall become effective January 1, 2022.
58-1-7370 JM 02/04/21