Shown verbatim: the complete text as captured from the official PDF posted by the Oklahoma Legislature, fetched 2026-07-23. Page and line markers are part of the official record; nothing is edited or removed. The official bill page.
1 STATE OF OKLAHOMA
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2 2nd Session of the 60th Legislature (2026)
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3 SENATE BILL 1988 By: Guthrie
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6 AS INTRODUCED
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7 An Act relating to money transmissions; amending 63
7 O.S. 2021, Section 2-503.1j, which relates to fee for
8 money transmissions; limiting fee to certain
8 transmissions; modifying fee amount; amending 68 O.S.
9 2021, Section 2357.401, which relates to income tax
9 credit in the amount of electronic funds transfers
10 fees; modifying tax years for which credit is
10 claimed; updating statutory language; updating
11 statutory references; and providing an effective
11 date.
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14 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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15 SECTION 1. AMENDATORY 63 O.S. 2021, Section 2-503.1j, is
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16 amended to read as follows:
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17 Section 2-503.1j. A. Any For any transmission of funds outside
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18 of the United States and outside of United States territories, any
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19 licensee of a money transmission, transmitter, or wire transmitter
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20 business pursuant to the Oklahoma Financial Transaction Reporting
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21 Act and their delegates shall collect a fee of Five Dollars ($5.00)
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22 Twenty Dollars ($20.00) for each transaction not in excess of Five
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23 Hundred Dollars ($500.00) and in addition to such fee an amount
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Req. No. 2356 Page 1
1 equal to one percent (1%) four percent (4%) of the amount in excess
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2 of Five Hundred Dollars ($500.00).
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3 B. The fee prescribed by subsection A of this section shall be
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4 remitted quarterly to the Oklahoma Tax Commission on such forms as
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5 the Tax Commission, with the assistance of the Oklahoma State Bureau
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6 of Narcotics and Dangerous Drugs Control, may prescribe for such
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7 purpose. All required forms and remittances shall be filed with the
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8 Tax Commission not later than the fifteenth day of the month
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9 following the close of each calendar quarter.
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10 C. The Oklahoma Tax Commission shall apportion all revenues
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11 derived from the fee to the Drug Money Laundering and Wire
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12 Transmitter Revolving Fund.
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13 D. Every licensee and their delegates shall post a notice on a
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14 form prescribed by the Director of the Oklahoma State Bureau of
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15 Narcotics and Dangerous Drugs Control that notifies customers that
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16 upon filing an individual income tax return with either a valid
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17 social security number or a valid taxpayer identification number the
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18 customer shall be entitled to an income tax credit equal to the
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19 amount of the fee paid by the customer for the transaction.
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20 E. The Oklahoma Tax Commission shall be afforded all provisions
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21 currently under law to enforce the provisions of subsection B of
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22 this section. If a licensee fails to file reports or fails to remit
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23 the fee authorized by subsection B A of this section, the Oklahoma
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24 Tax Commission shall have the authority pursuant to Section 212 of
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Req. No. 2356 Page 2
1 Title 68 of the Oklahoma Statutes to suspend the license of the
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2 licensee and its delegates. A notification of the suspension shall
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3 also be sent to the State Banking Commissioner and the Director of
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4 the Oklahoma State Bureau of Narcotics and Dangerous Drugs Control.
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5 The licensee and its delegates may not reapply for a license until
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6 all required reports have been filed and all required fee amounts
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7 have been remitted.
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8 F. Upon request from the Oklahoma Tax Commission, the State
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9 Banking Commissioner may make a claim against the surety bond of the
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10 licensee on behalf of the State of Oklahoma this state.
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11 G. The Oklahoma State Bureau of Narcotics and Dangerous Drugs
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12 Control and its attorneys may assist the Oklahoma Tax Commission in
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13 conducting audits and the prosecution and/or or seeking of legal
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14 remedies to ensure compliance with this act the Drug Money
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15 Laundering and Wire Transmitter Act.
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16 SECTION 2. AMENDATORY 68 O.S. 2021, Section 2357.401, is
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17 amended to read as follows:
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18 Section 2357.401. A. Except as otherwise provided by
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19 subsections B and C of this section, for taxable years beginning
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20 January 1, 2009, and ending before January 1, 2017 tax years 2009
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21 through 2016 and 2027 and subsequent tax years, there shall be
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22 allowed a credit against the tax imposed pursuant to Section 2355 of
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23 this title in the amount of all electronic funds transfers fees paid
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1 by an individual or entity pursuant to Section 2-503.1j of Title 63
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2 of the Oklahoma Statutes.
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3 B. For any fees paid by a person or entity for the taxable year
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4 beginning January 1, 2009, the credit otherwise authorized by this
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5 section shall not be claimed for an individual prior to January 1,
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6 2011. Subject to the requirements of this subsection, an individual
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7 taxpayer shall be able to claim the credit authorized by this
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8 section for all fees paid during the tax year ending December 31,
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9 2009, and the tax year ending December 31, 2010, on the income tax
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10 return filed for the tax year ending December 31, 2010.
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11 C. For any fees paid by an entity other than a natural person
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12 for the taxable year beginning January 1, 2009, the credit otherwise
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13 authorized by this section shall not be claimed on an income tax
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14 return prior to January 1, 2011. Subject to the requirements of
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15 this subsection, an entity other than a natural person shall be able
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16 to claim the credit authorized by this section for all fees paid
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17 during a tax year ending at any time during calendar year 2009 and
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18 for all fees paid during calendar year 2010 on the income tax return
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19 filed for the tax year ending not later than December 31, 2010.
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20 D. The credit authorized by this section shall not be used to
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21 reduce the income tax liability of the taxpayer to less than zero
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22 (0).
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1 E. To the extent not used in any taxable year, the credit
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2 authorized by this section may be carried over, in order, to each of
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3 the five (5) succeeding taxable years.
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4 SECTION 3. This act shall become effective January 1, 2027.
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6 60-2-2356 QD 1/15/2026 9:37:38 AM
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Req. No. 2356 Page 5Every fact on this page links to its source, starting with the official bill record.