Compare Versions - OK HB2961 : Oklahoma 2022 Regular Session

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1		-	An Act
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3	29		BILL NO. 2961 By: Wallace of the House
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5	31		and
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7	33		Thompson of the Senate
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14	40		An Act relating to revenue and taxation; amending 68
15	41		O.S. 2011, Section 2370, as amended by Section 1,
16	42		Chapter 41, O.S.L. 2014 (68 O.S. Supp. 2020, Section
17	43		2370), which relates to taxes in lieu of income tax
18	44		for certain entities; modifying rate of tax; and
19	45		providing an effective date.
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24		-	~~SUBJECT: Revenue and taxation~~
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26	52		BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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28	53		SECTION 1. AMENDATORY 68 O.S. 2011, Section 2370, as
29	54		amended by Section 1, Chapter 41, O.S.L. 2014 (68 O.S. Supp. 2020,
30	55		Section 2370), is amended to read as follows:
31		-
32	56		Section 2370. A. For taxable years beginning after December
33	57		31, 1989 2021, for the privilege of doing business within this
34	58		state, every state banking association, national banking association
35	59		and credit union organized under the laws of this state, located or
36	60		doing business within the limits of the State of Oklahoma shall
37	61		annually pay to this state a privilege tax at the rate of six
38	62		percent (6%) four percent (4%) of the amount of the taxable income
39	63		as provided in this section.
40	64
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41	90		B. 1. The privilege tax levied by this section shall be in
42	91		addition to the Business Activity Tax levied in Section 1218 of this
43	92		title and the franchise tax levi ed in Article 12 of this title and
44	93		in lieu of the tax levied by Section 2355 of this title and in lieu
45	94		of all taxes levied by the State of Oklahoma, or any subdivision
46		-	thereof, upon the shares of stock or personal property ~~o f~~ any ~~ENR. H. B. NO. 2961 Page 2~~
	95	+	thereof, upon the shares of stock or personal property of any
47	96		banking association or cre dit union subject to taxation under this
48	97		section.
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50	98		2. Nothing in this section shall be construed to exempt the
51	99		real property of any banking associations or credit unions from
52	100		taxation to the same extent, according to its value, as other real
53	101		property is taxed. Nothing herein shall be construed to exempt an
54	102		association from payment of any fee or tax authorized or levied
55	103		pursuant to the banking laws.
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57	104		3. Personal property which is subject to a lease agreement
58	105		between a bank or credit union, as lessor, and a nonbanking business
59	106		entity or individual, as lessee, is not exempt from personal
60	107		property ad valorem taxation. Provided further, that it shall be
61	108		the duty of the lessee of such personal property to return sworn
62	109		lists or schedules of their taxable property within each county to
63	110		the county assessor of such county as provided in Sections 2433 and
64	111		2434 of this title.
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66	112		C. Any tax levied under this section shall accrue on the last
67	113		day of the taxable year and be payable as provided in Section 2375
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68	140		of this title. The accrual of such tax for the first taxable year
69	141		to which this act applies, shall apply notwithstanding the prior
70	142		accrual of a tax in the same taxable year based upon the net income
71	143		of the next preceding taxable year; provided, however, any
72	144		additional deduction enuring to the benefit of the taxpayer shall be
73	145		deducted in accordance with the optional transitional deduction
74	146		procedures in Section 2354 of this title.
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76	147		D. The basis of the tax shall be United States taxable income
77	148		as defined in paragraph 10 of Section 2353 of this title and any
78	149		adjustments thereto under the provisions of Section 2358 of this
79	150		title with the following adjustments:
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81	151		1. There shall be deducted all interest income on obligations
82	152		of the United States government and agencies thereof no t otherwise
83	153		exempted and all interest income on obligations of the State of
84	154		Oklahoma or political subdivisions thereof, including public trust
85	155		authorities, not otherwise exempted under the laws of this state;
86	156		and
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88	157		2. Expense deductions claimed in arriving at taxable income
89	158		under paragraph 10 of Section 2353 of this title shall be reduced by
90	159		an amount equal to fifty percent (50%) of excluded interest income
91		-	on obligations of the United States government or agencies ~~there of ENR. H. B. NO. 2961 Page 3~~
	160	+	on obligations of the United States government or agencies thereof
92	161		and obligations of the State of Okl ahoma or political subdivisions
93	162		thereof.
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95	189		E. 1. Except as otherwise provided in paragraph 2 of this
96	190		subsection, before January 1, 2017, there shall be allowed a credit
97	191		against the tax levied in subsection A of this section in an amount
98	192		equal to the amount of taxable income received by a participating
99	193		financial institution as defined in Section 90.2 of Title 62 of the
100	194		Oklahoma Statutes pursuant to a loan made under the Rural Economic
101	195		Development Loan Act. Such credit shall be limited each year to
102	196		five percent (5%) of the amount of annual payroll certified by the
103	197		Oklahoma Rural Economic Development Loan Program Review Board
104	198		pursuant to the provisions of paragraph 3 of subsection B of Section
105	199		90.4 of Title 62 of the Oklahoma Statutes with respect to the loan
106	200		made by the participating financial institution and may be claimed
107	201		for any number of years necessary until the amount of total credits
108	202		claimed is equal to the total amount of taxable income received by
109	203		the participating financial institution pursuant to th e loan. Any
110	204		credit allowed but not used in a taxable year may be carried forward
111	205		for a period not to exceed five (5) taxable years. In no event
112	206		shall a credit allowed pursuant to the provisions of this subsection
113	207		be transferable or refundable.
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115	208		2. No credit otherwise authorized by the provisions of this
116	209		subsection may be claimed for any event, transaction, investment,
117	210		expenditure or other act occurring on or after July 1, 2010 , for
118	211		which the credit would otherwise be allowable. The provisions of
119	212		this paragraph shall cease to be operative on July 1, 2012.
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120	239		Beginning July 1, 2012, the credit authorized by this subsection may
121	240		be claimed for any event, transaction, investment, expenditure or
122	241		other act occurring on or after July 1, 2012, according to the
123	242		provisions of this subsection.
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125	243		SECTION 2. This act shall become effective January 1, 2022.
126		-	ENR. H. B. NO. 2961 Page 4
127	244		Passed the House of Representatives the 18th day of May, 2021.
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132	249		Presiding Officer of the House
133	250		of Representatives
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136		-	Passed the Senate the ~~20th~~ day ~~of May~~, 2021.
	253	+	Passed the Senate the ___ day o f __________, 2021.
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141	258		Presiding Officer of the Senate
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145		-	OFFICE OF THE GOVERNOR
146		-	Received by the Office of the Governor this ____________________
147		-	day of ___________________, 20_______, at _______ o'clock _______ M.
148		-	By: _________________________________
149		-	Approved by the Governor of the State of Oklahoma this _________
150		-	day of ___________________, 20_______, at _______ o'clock _______ M.
151		-
152		-
153		-	_________________________________
154		-	Governor of the State of Oklahoma
155		-
156		-	OFFICE OF THE SECRETARY OF STATE
157		-	Received by the Office of the Secretary of State this __________
158		-	day of ___________________, 20_______, at _______ o'clock _______ M.
159		-	By: _________________________________

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E. 1. Except as otherwise provided in paragraph 2 of this

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subsection, before January 1, 2017, there shall be allowed a credit

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against the tax levied in subsection A of this section in an amount

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equal to the amount of taxable income received by a participating

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financial institution as defined in Section 90.2 of Title 62 of the

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Oklahoma Statutes pursuant to a loan made under the Rural Economic

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Development Loan Act. Such credit shall be limited each year to

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five percent (5%) of the amount of annual payroll certified by the

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Oklahoma Rural Economic Development Loan Program Review Board

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pursuant to the provisions of paragraph 3 of subsection B of Section

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90.4 of Title 62 of the Oklahoma Statutes with respect to the loan

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made by the participating financial institution and may be claimed

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201

for any number of years necessary until the amount of total credits

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claimed is equal to the total amount of taxable income received by

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203

the participating financial institution pursuant to th e loan. Any

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credit allowed but not used in a taxable year may be carried forward

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205

for a period not to exceed five (5) taxable years. In no event

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shall a credit allowed pursuant to the provisions of this subsection

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be transferable or refundable.

Oklahoma 2022 Regular Session

Oklahoma House Bill HB2961 Compare Versions