An Act
ENROLLED HOUSE
BILL NO. 2866 By: Wallace, Lawson, Russ,
Blancett and Pae of the
House
and
Thompson of the Senate
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. 2 018 (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.
SUBJECT: Revenue and taxation
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 shall 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.
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 ENR. H. B. NO. 2866 Page 2
banking association or credit union adds the amount of 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 shall 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 year.
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.
SECTION 2. This act shall become effective January 1, 2022.
ENR. H. B. NO. 2866 Page 3
Passed the House of Representatives the 17th day of February,
2021.
Presiding Officer of the House
of Representatives
Passed the Senate the 15th day of April, 2021.
Presiding Officer of the Senate
OFFICE OF THE GOVERNOR
Received by the Office of the Governor this ____________________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________
Approved by the Governor of the State of Oklahoma this _________
day of ___________________, 20_______, at _______ o'clock _______ M.
_________________________________
Governor of the State of Oklahoma
OFFICE OF THE SECRETARY OF STATE
Received by the Office of the Secretary o f State this __________
day of ___________________, 20_______, at _______ o'clock _______ M.
By: _________________________________