{"data":{"id":"us-ok/okla.-stat.-tit.-36-36-625","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 36, § 36-625","heading":"Credit against tax by investment in Oklahoma securities","body":"A. If the annual statement of any insurance company or other\n\nentity taxed pursuant to the provisions of Section 624 of this title\n\ncovering the period of time from January 1, 1988 through June 30,\n\n1988, shows it to have investments at the close of said period of\n\ntime in Oklahoma securities, as hereinafter defined, of as much as\n\ntwo percent (2%) but less than twelve percent (12%) of its admitted\n\nassets, it will be entitled to a credit on the premium tax levied on\n\npremiums collected during said period of time by paragraph 2 of\n\nSection 624 of this article so as to reduce the same to a tax of two\n\nand three-fourths percent (2 3/4%); if said investments are as much\n\nas twelve percent (12%) but less than fourteen percent (14%) of said\n\nassets its annual premium tax shall be reduced to a tax of two and\n\none-half percent (2 1/2%); if said investments are as much as\n\nfourteen percent (14%) but less than sixteen percent (16%) of said\n\nassets its annual premium tax shall be reduced to a tax of two and\n\none-fourth percent (2 1/4%); if said investments are as much as\n\nsixteen percent (16%) but less than eighteen percent (18%) of said\n\nassets its annual premium tax shall be reduced to a tax of two\n\npercent (2%); if said investments are as much as eighteen percent\n\n(18%) but less than twenty percent (20%) of said assets its annual\n\npremium tax shall be reduced to a tax of one and three-fourths\n\npercent (1 3/4%); if said investments are as much as twenty percent\n\n(20%) but less than twenty-two percent (22%) of said assets its\n\nannual premium tax shall be reduced to a tax of one and one-half\n\npercent (1 1/2%); if said investments are as much as twenty-two\n\npercent (22%) but less than twenty-four percent (24%) of said assets\n\nits annual premium tax shall be reduced to a tax of one and one-\n\nfourth percent (1 1/4%); if said investments are as much as twenty-\n\nfour percent (24%) but less than twenty-six percent (26%) of said\n\nassets its annual premium tax shall be reduced to a tax of one\n\npercent (1%); if said investments are as much as twenty-six percent\n\n(26%) percent but less than twenty-eight percent (28%) of said\n\nassets its annual premium tax shall be reduced to a tax of three-\n\nfourths of one percent (3/4 of 1%); if said investments are as much\n\nas twenty-eight percent (28%) but less than thirty percent (30%) of\n\nsaid assets its annual premium tax shall be reduced to a tax of one-\n\nhalf of one percent (1/2 of 1%); if said investments are as much as\n\nthirty percent (30%) of said assets its annual premium tax shall be\n\nreduced to no percent (0%).\n\nB. If the annual statement of any insurance company or other\n\nentity taxed pursuant to the provisions of Section 624 of this title\n\ncovering calendar year 1988 shows it to have investments in Oklahoma\n\nsecurities, as hereinafter defined, for the period of time beginning\n\nJuly 1, 1988 through December 31, 1988, of as much as two percent\n\n(2%) but less than twelve percent (12%) of its admitted assets, it\n\nwill be entitled to a credit on the premium tax levied by paragraph\n\n2 of Section 624 of this article so as to reduce the same to a tax\n\nof two and three-fourths percent (2 3/4%); if said investments are\n\nas much as twelve percent (12%) but less than fourteen percent (14%)\n\nof said assets its annual premium tax shall be reduced to a tax of\n\ntwo and one-half percent (2 1/2%); if said investments are as much\n\nas fourteen percent (14%) but less than sixteen percent (16%) of\n\nsaid assets its annual premium tax shall be reduced to a tax of two\n\nand one-fourth percent (2 1/4%); if said investments are as much as\n\nsixteen percent (16%) but less than eighteen percent (18%) of said\n\nassets its annual premium tax shall be reduced to a tax of two\n\npercent (2%); if said investments are as much as eighteen percent\n\n(18%) but less than twenty percent (20%) of said assets its annual\n\npremium tax shall be reduced to a tax of one and three-fourths\nand one-fourth percent (2 1/4%); if said investments are as much as\n\nsixteen percent (16%) but less than eighteen percent (18%) of said\n\nassets its annual premium tax shall be reduced to a tax of two\n\npercent (2%); if said investments are as much as eighteen percent\n\n(18%) but less than twenty percent (20%) of said assets its annual\n\npremium tax shall be reduced to a tax of one and three-fourths\n\npercent (1 3/4%); if said investments are as much as twenty percent\n\n(20%) but less than twenty-two percent (22%) of said assets its\n\nannual premium tax shall be reduced to a tax of one and one-half\n\npercent (1 1/2%); if said investments are as much as twenty-two\n\npercent (22%) but less than twenty-four percent (24%) of said assets\n\nits annual premium tax shall be reduced to a tax of one and one-\n\nfourth percent (1 1/4%); if said investments are as much as twenty-\n\nfour percent (24%) of said assets its annual premium tax shall be\n\nreduced to a tax of one percent (1%). The credits authorized by\n\nthis subsection and the credits authorized by Section 624.1 of this\n\ntitle shall not reduce the premium tax rate for premiums collected\n\non or after July 1, 1988 through December 31, 1988, of an insurance\n\ncompany or other entity subject to said tax to less than one percent\n\n(1%).\n\nC. Beginning with the taxes payable for calendar year 1989, the\n\npremium tax levied by Section 624 of this title shall not be reduced\n\nby the credits for investment of assets provided for in this\n\nsection.\n\nD. Oklahoma securities as used in this section shall mean real\n\nestate in this state, bonds of the State of Oklahoma, bonds or\n\ninterest-bearing warrants of any county, city, town, school district\n\nor municipality or subdivision of the State of Oklahoma, notes or\n\nbonds secured by mortgages or other liens on real estate located in\n\nthe State of Oklahoma, cash deposits in regularly established\n\nnational or state banks, Federal Savings and Loan Associations,\n\nFederal Savings Banks, or any institution insured by either the\n\nFederal Deposit Insurance Corporation or Federal Savings and Loan\n\nInsurance Corporation, in this state on the basis of the average\n\nmonthly deposits throughout the calendar year, policy loans secured\n\nby the legal reserve on policies insuring residents of the State of\n\nOklahoma, and any other Oklahoma property or securities in which by\n\nthe laws of the State of Oklahoma such insurance companies may\n\ninvest their funds.\n\nProvided, that if any insurance company, copartnership,\n\nassociation, interinsurance exchange, person, insurer, nonprofit\n\nhospital service and medical indemnity corporation, or health\n\nmaintenance organization secures such a credit prior to such a\n\nholding, it shall, within ninety (90) days after the mailing thereto\n\nby the Insurance Commissioner of a registered notice of said holding\n\nand the amount of said credit, pay said amount to the Insurance\n\nCommissioner, and if it fails to do so it shall be the duty of the\n\nAttorney General to institute proceedings in the name of the State\n\nof Oklahoma on the relation of the Insurance Commissioner in a court\n\nof competent jurisdiction to collect said amount.","path":["OK Code","Title 36"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os36.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"2bed2b0f3a2128b2001e1eb15dd428ae01e8d33a3668e115a77e168645a3ef6b","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-36-36-624.3","next":"us-ok/okla.-stat.-tit.-36-36-625.1"},"notice":"GroundRules: Original legal text. Not legal advice."}