SB2056

Oklahoma SB2056 increases the fee for electronic money transmissions and modifies the tax years for which the credit can be claimed.

Oklahoma SB2056 amends the Oklahoma Financial Transaction Reporting Act to increase the fee for electronic money transmissions from $5 to $10 per transaction not exceeding $500, and from 1% to 3% for amounts over $500. The bill also modifies the tax years for which the credit can be claimed, allowing it to be carried over to each of the five succeeding taxable years. The Oklahoma Tax Commission is granted authority to suspend licenses of non-compliant licensees. The act takes effect November 1, 2026.