{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2370","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2370","heading":"In lieu taxes for state, national banking associations","body":"and credit unions.\n\nA. For taxable years beginning after December 31, 2021, for the\n\nprivilege of doing business within this state, every state banking\n\nassociation, national banking association and credit union organized\n\nunder the laws of this state, located or doing business within the\n\nlimits of the State of Oklahoma shall annually pay to this state a\n\nprivilege tax at the rate of four percent (4%) of the amount of the\n\ntaxable income as provided in this section.\n\nB. 1. The privilege tax levied by this section shall be in\n\naddition to the Business Activity Tax levied in Section 1218 of this\n\ntitle and the franchise tax levied in Article 12 of this title and\n\nin lieu of the tax levied by Section 2355 of this title and in lieu\n\nof all taxes levied by the State of Oklahoma, or any subdivision\n\nthereof, upon the shares of stock or personal property of any\n\nbanking association or credit union subject to taxation under this\n\nsection.\n\n2. Nothing in this section shall be construed to exempt the\n\nreal property of any banking associations or credit unions from\n\ntaxation to the same extent, according to its value, as other real\n\nproperty is taxed. Nothing herein shall be construed to exempt an\n\nassociation from payment of any fee or tax authorized or levied\n\npursuant to the banking laws.\n\n3. Personal property which is subject to a lease agreement\n\nbetween a bank or credit union, as lessor, and a nonbanking business\n\nentity or individual, as lessee, is not exempt from personal\n\nproperty ad valorem taxation. Provided further, that it shall be\n\nthe duty of the lessee of such personal property to return sworn\n\nlists or schedules of their taxable property within each county to\n\nthe county assessor of such county as provided in Sections 2433 and\n\n2434 of this title.\n\nC. Any tax levied under this section shall accrue on the last\n\nday of the taxable year and be payable as provided in Section 2375\n\nof this title. The accrual of such tax for the first taxable year\n\nto which this act applies, shall apply notwithstanding the prior\n\naccrual of a tax in the same taxable year based upon the net income\n\nof the next preceding taxable year; provided, however, any\n\nadditional deduction enuring to the benefit of the taxpayer shall be\n\ndeducted in accordance with the optional transitional deduction\n\nprocedures in Section 2354 of this title.\n\nD. The basis of the tax shall be United States taxable income\n\nas defined in paragraph 10 of Section 2353 of this title and any\n\nadjustments thereto under the provisions of Section 2358 of this\n\ntitle with the following adjustments:\n\n1. There shall be deducted all interest income on obligations\n\nof the United States government and agencies thereof not otherwise\n\nexempted and all interest income on obligations of the State of\n\nOklahoma or political subdivisions thereof, including public trust\n\nauthorities, not otherwise exempted under the laws of this state;\n\nand\n\n2. Expense deductions claimed in arriving at taxable income\n\nunder paragraph 10 of Section 2353 of this title shall be reduced by\n\nan amount equal to fifty percent (50%) of excluded interest income\n\non obligations of the United States government or agencies thereof\n\nand obligations of the State of Oklahoma or political subdivisions\n\nthereof.\n\nE. 1. Except as otherwise provided in paragraph 2 of this\n\nsubsection, before January 1, 2017, there shall be allowed a credit\n\nagainst the tax levied in subsection A of this section in an amount\n\nequal to the amount of taxable income received by a participating\n\nfinancial institution as defined in Section 90.2 of Title 62 of the\n\nOklahoma Statutes pursuant to a loan made under the Rural Economic\n\nDevelopment Loan Act. Such credit shall be limited each year to\n\nfive percent (5%) of the amount of annual payroll certified by the\n\nOklahoma Rural Economic Development Loan Program Review Board\nequal to the amount of taxable income received by a participating\n\nfinancial institution as defined in Section 90.2 of Title 62 of the\n\nOklahoma Statutes pursuant to a loan made under the Rural Economic\n\nDevelopment Loan Act. Such credit shall be limited each year to\n\nfive percent (5%) of the amount of annual payroll certified by the\n\nOklahoma Rural Economic Development Loan Program Review Board\n\npursuant to the provisions of paragraph 3 of subsection B of Section\n\n90.4 of Title 62 of the Oklahoma Statutes with respect to the loan\n\nmade by the participating financial institution and may be claimed\n\nfor any number of years necessary until the amount of total credits\n\nclaimed is equal to the total amount of taxable income received by\n\nthe participating financial institution pursuant to the loan. Any\n\ncredit allowed but not used in a taxable year may be carried forward\n\nfor a period not to exceed five (5) taxable years. In no event\n\nshall a credit allowed pursuant to the provisions of this subsection\n\nbe transferable or refundable.\n\n2. No credit otherwise authorized by the provisions of this\n\nsubsection may be claimed for any event, transaction, investment,\n\nexpenditure or other act occurring on or after July 1, 2010, for\n\nwhich the credit would otherwise be allowable. The provisions of\n\nthis paragraph shall cease to be operative on July 1, 2012.\n\nBeginning July 1, 2012, the credit authorized by this subsection may\n\nbe claimed for any event, transaction, investment, expenditure or\n\nother act occurring on or after July 1, 2012, according to the\n\nprovisions of this subsection.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"5ce6a23c2cad96f724c2071f4ca35eea4ebb86cec70a5a7a19da22a7e57a9e25","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-237","next":"us-ok/okla.-stat.-tit.-68-68-2370.1"},"notice":"GroundRules: Original legal text. Not legal advice."}