HB2745

Oklahoma HB2745 amends banking privilege tax laws, clarifying deductions and establishing caps.

Oklahoma HB2745 amends the banking privilege tax laws by clarifying references and eliminating certain additional tax treatments. It provides specific deductions for interest income on eligible loans made by financial institutions. The bill sets eligibility criteria, limitations, and calculations for these deductions, including a cap of $5,000,000 per tax year. It also defines terms and phrases used in the tax code and specifies an effective date of November 1, 2025.