Okla. Stat. tit. 68, § 68-2370.1: Credit against tax imposed by Section 2370

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 and whose main office is located in the 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 to the Small Business Administration on behalf of

the borrower.

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 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.