{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2370.1","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2370.1","heading":"Credit against tax imposed by Section 2370","body":"A. There shall be allowed a credit against the tax imposed by\n\nSection 2370 of this title for any state banking association,\n\nnational banking association and credit union organized under the\n\nlaws of this state and whose main office is located in the state,\n\nfor the amount of the guaranty fee paid by the banking association\n\nor credit union to the United States Small Business Administration\n\npursuant to the \"7(a)\" loan guaranty program.\n\nB. The credit authorized by this section may be claimed for\n\nguaranty fees paid to the Small Business Administration on behalf of\n\nthe borrower.\n\nC. No credit may be claimed pursuant to this section if,\n\npursuant to the agreement between the banking association or credit\n\nunion and the entity to which proceeds are made available, the\n\nbanking association or credit union adds the amount of the SBA 7(a)\n\nloan guaranty fee to the amount financed by the borrower or in any\n\nother way recovers the guaranty fee amount from the borrower.\n\nD. The credit authorized by this section may be claimed and if\n\nnot fully used in the initial year for which the credit is claimed\n\nmay be carried over, in order, to each of the five (5) succeeding\n\ntaxable years. The credit authorized by this section may not be\n\nused to reduce the tax liability of the credit claimant below zero\n\n(0).\n\nE. The Oklahoma Tax Commission shall prepare a report regarding\n\nthe amount of tax credits claimed as authorized by this section.\n\nThe report shall be submitted to the Speaker of the House of\n\nRepresentatives and to the President Pro Tempore of the Senate not\n\nlater than March 31 of each year.\n\nF. Pursuant to Section 46A of Title 62 of the Oklahoma\n\nStatutes, there shall be a measurable goal of retaining and/or\n\ncreating two thousand jobs per year in Oklahoma for the credit\n\nagainst the tax imposed by Section 2370 of this title.","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":"1a2cc22cbcd0bc76200fac3451cd6ad0a8d68edbf57bfde26520cc74dff20289","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2370","next":"us-ok/okla.-stat.-tit.-68-68-2370.2"},"notice":"GroundRules: Original legal text. Not legal advice."}