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STATE OF OKLAHOMA
1st Session of the 59th Legislature (2023)
SENATE BILL 562 By: Howard
AS INTRODUCED
An Act relating to documentary tax stamp; amending 68
O.S. 2021, Section 3202, which relates to exemptions;
requiring submission of certain documents as required
by the county clerk; and providing an effective date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 68 O.S. 2021, Section 3202, is
amended to read as follows:
Section 3202. A. The tax imposed by Section 3201 of this title
shall not apply to:
1. Deeds recorded prior to the effective date of Sections 3201
through 3206 of this title;
2. Deeds which secure a debt or other obligation;
3. Deeds which, withou t additional consideration, confirm,
correct, modify or supplement a deed previously recorded;
4. Deeds between husband and wife, or parent and child, or any
persons related within the second degree of consanguini ty, without
actual consideration therefor, deeds between any person and an
express revocable trust created by such person or such person ’s
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spouse or deeds pursuant to which property is transferred from a
person to a partnership, limited liability company o r corporation of
which the transferor or t he transferor’s spouse, parent, child, or
other person related within the second degree of consanguinity to
the transferor, or trust for primary benefit of such persons, are
the only owners of the partnership, limi ted liability company or
corporation. However, if any interest in the partnership, limited
liability company or corporation is transferred within one (1) year
to any person other than the transferor or the transferor ’s spouse,
parent, child, or other pers on related within the second degree of
consanguinity to the transferor, the seller shall immediately pay
the amount of tax which would have been due had this exemption not
been granted;
5. Tax deeds;
6. Deeds of release of property which is security for a debt or
other obligation;
7. Deeds executed by Indians in approval proceedings of the
district courts or by the Secretary of the Interior;
8. Deeds of partition, unless, for consideration, some of the
parties take shares greater in value than their und ivided interests,
in which event a tax att aches to each deed conveying such greater
share computed upon the consideration for the excess;
9. Deeds made pursuant to mergers of partnerships, limited
liability companies or corporations;
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10. Deeds made by a subsidiary corporation to its parent
corporation for no consideration other than the cancellation or
surrender of the subsidiary ’s stock;
11. Deeds or instruments to which the State of Oklahoma or any
of its instrumentalities, agencies or subdivisions is a party,
whether as grantee or as grantor or in any other capacity;
12. Deeds or instruments to which the United States or any of
its agencies or departments is a party, whether as grantor or as
grantee or in any other capacity, provided that this shall n ot
exempt transfers to or from national ba nks or federal savings and
loan associations;
13. Any deed executed pursuant to a foreclosure proceeding in
which the grantee is the holder of a mortgage on the property being
foreclosed, or any deed executed purs uant to a power of sale in
which the grantee is the party exercising such power of sale or any
deed executed in favor of the holder of a mortgage on the property
in consideration for the release of the borrower from liability on
the indebtedness secured by such mortgage except as to cash
consideration paid; provided, however, the tax shall apply to deeds
in other foreclosure actions, unless otherwise hereinabove exempted,
and shall be paid by the purchaser in such foreclosure actions; or
14. Deeds and other instruments to which the Oklahoma Space
Industry Development Authority or a spaceport user, as defined in
the Oklahoma Space Industry Development Act, is a party.
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B. An individual or entity cl aiming an exemption pursuant to
this section shall prov ide to the county clerk documentation as may
be required by the county clerk to verify eligibility for the
exemption. Documentation may i nclude but not be limited to entity
minutes and ownership ledgers, tax returns or depreciation schedules
related to the property conveyed in the deed, mortgages or notes
issued with lands, tenements, or other realty being provided as
collateral for which the exemption is claimed , and on a form
prescribed by the Oklahoma Tax Commission . Affidavits claiming
exemptions shall be signed under penalty of perjury.
SECTION 2. This act shall become effective November 1, 2023.
59-1-503 QD 1/17/2023 5:43:40 PM