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 2056 By: Deevers
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5 AS INTRODUCED
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6 An Act relating to money transmissions; amending 63
6 O.S. 2021, Section 2-503.1j, which relates to fee for
7 money transmissions; modifying fee amount; amending
7 68 O.S. 2021, Section 2357.401, which relates to
8 income tax credit in the amount of electronic funds
8 transfers fees; modifying tax years for which credit
9 is claimed; updating statutory language; updating
9 statutory references; and providing an effective
10 date.
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12 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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13 SECTION 1. AMENDATORY 63 O.S. 2021, Section 2-503.1j, is
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14 amended to read as follows:
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15 Section 2-503.1j. A. Any licensee of a money transmission,
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16 transmitter, or wire transmitter business pursuant to the Oklahoma
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17 Financial Transaction Reporting Act and their delegates shall
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18 collect a fee of Five Dollars ($5.00) Ten Dollars ($10.00) for each
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19 transaction not in excess of Five Hundred Dollars ($500.00) and in
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20 addition to such fee an amount equal to one percent (1%) three
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21 percent (3%) of the amount in excess of Five Hundred Dollars
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22 ($500.00).
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23 B. The fee prescribed by subsection A of this section shall be
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24 remitted quarterly to the Oklahoma Tax Commission on such forms as
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Req. No. 3431 Page 1
1 the Tax Commission, with the assistance of the Oklahoma State Bureau
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2 of Narcotics and Dangerous Drugs Control, may prescribe for such
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3 purpose. All required forms and remittances shall be filed with the
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4 Tax Commission not later than the fifteenth day of the month
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5 following the close of each calendar quarter.
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6 C. The Oklahoma Tax Commission shall apportion all revenues
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7 derived from the fee to the Drug Money Laundering and Wire
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8 Transmitter Revolving Fund.
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9 D. Every licensee and their delegates shall post a notice on a
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10 form prescribed by the Director of the Oklahoma State Bureau of
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11 Narcotics and Dangerous Drugs Control that notifies customers that
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12 upon filing an individual income tax return with either a valid
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13 social security number or a valid taxpayer identification number the
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14 customer shall be entitled to an income tax credit equal to the
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15 amount of the fee paid by the customer for the transaction.
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16 E. The Oklahoma Tax Commission shall be afforded all provisions
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17 currently under law to enforce the provisions of subsection B of
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18 this section. If a licensee fails to file reports or fails to remit
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19 the fee authorized by subsection B A of this section, the Oklahoma
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20 Tax Commission shall have the authority pursuant to Section 212 of
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21 Title 68 of the Oklahoma Statutes to suspend the license of the
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22 licensee and its delegates. A notification of the suspension shall
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23 also be sent to the State Banking Commissioner and the Director of
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24 the Oklahoma State Bureau of Narcotics and Dangerous Drugs Control.
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Req. No. 3431 Page 2
1 The licensee and its delegates may not reapply for a license until
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2 all required reports have been filed and all required fee amounts
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3 have been remitted.
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4 F. Upon request from the Oklahoma Tax Commission, the State
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5 Banking Commissioner may make a claim against the surety bond of the
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6 licensee on behalf of the State of Oklahoma this state.
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7 G. The Oklahoma State Bureau of Narcotics and Dangerous Drugs
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8 Control and its attorneys may assist the Oklahoma Tax Commission in
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9 conducting audits and the prosecution and/or or seeking of legal
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10 remedies to ensure compliance with this act the Drug Money
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11 Laundering and Wire Transmitter Act.
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12 SECTION 2. AMENDATORY 68 O.S. 2021, Section 2357.401, is
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13 amended to read as follows:
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14 Section 2357.401. A. Except as otherwise provided by
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15 subsections B and C of this section, for taxable years beginning
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16 January 1, 2009, and ending before January 1, 2017 tax years 2009
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17 through 2016 and 2027 and subsequent tax years, there shall be
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18 allowed a credit against the tax imposed pursuant to Section 2355 of
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19 this title in the amount of all electronic funds transfers fees paid
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20 by an individual or entity pursuant to Section 2-503.1j of Title 63
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21 of the Oklahoma Statutes.
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22 B. For any fees paid by a person or entity for the taxable year
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23 beginning January 1, 2009, the credit otherwise authorized by this
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24 section shall not be claimed for an individual prior to January 1,
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Req. No. 3431 Page 3
1 2011. Subject to the requirements of this subsection, an individual
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2 taxpayer shall be able to claim the credit authorized by this
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3 section for all fees paid during the tax year ending December 31,
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4 2009, and the tax year ending December 31, 2010, on the income tax
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5 return filed for the tax year ending December 31, 2010.
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6 C. For any fees paid by an entity other than a natural person
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7 for the taxable year beginning January 1, 2009, the credit otherwise
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8 authorized by this section shall not be claimed on an income tax
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9 return prior to January 1, 2011. Subject to the requirements of
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10 this subsection, an entity other than a natural person shall be able
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11 to claim the credit authorized by this section for all fees paid
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12 during a tax year ending at any time during calendar year 2009 and
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13 for all fees paid during calendar year 2010 on the income tax return
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14 filed for the tax year ending not later than December 31, 2010.
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15 D. The credit authorized by this section shall not be used to
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16 reduce the income tax liability of the taxpayer to less than zero
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17 (0).
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18 E. To the extent not used in any taxable year, the credit
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19 authorized by this section may be carried over, in order, to each of
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20 the five (5) succeeding taxable years.
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21 SECTION 3. This act shall become effective November 1, 2026.
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23 60-2-3431 QD 1/15/2026 11:20:23 AM
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Req. No. 3431 Page 4Every fact on this page links to its source, starting with the official bill record.