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STATE OF OKLAHOMA
2nd Session of the 60th Legislature (2026)
SENATE BILL 1988 By: Guthrie
AS INTRODUCED
An Act relating to money transmissions; amending 63
O.S. 2021, Section 2-503.1j, which relates to fee for
money transmissions; limiting fee to certain
transmissions; modifying fee amount; amending 68 O.S.
2021, Section 2357.401, which relates to income tax
credit in the amount of electronic funds transfers
fees; modifying tax years for which credit is
claimed; updating statutory language; updating
statutory references; and providing an effective
date.
BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. AMENDATORY 63 O.S. 2021, Section 2-503.1j, is
amended to read as follows:
Section 2-503.1j. A. Any For any transmission of funds outside
of the United States and outside of United States territories, any
licensee of a money transmission, transmitter, or wire transmitter
business pursuant to the Oklahoma Financial Transaction Reporting
Act and their delegates shall collect a fee of Five Dollars ($5.00)
Twenty Dollars ($20.00) for each transaction not in excess of Five
Hundred Dollars ($500.00) and in addition to such fee an amount
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equal to one percent (1%) four percent (4%) of the amount in excess
of Five Hundred Dollars ($500.00).
B. The fee prescribed by subsection A of this section shall be
remitted quarterly to the Oklahoma Tax Commission on such forms as
the Tax Commission, with the assistance of the Oklahoma State Bureau
of Narcotics and Dangerous Drugs Control, may prescribe for such
purpose. All required forms and remittances shall be filed with the
Tax Commission not later than the fifteenth day of the month
following the close of each calendar quarter.
C. The Oklahoma Tax Commission shall apportion all revenues
derived from the fee to the Drug Money Laundering and Wire
Transmitter Revolving Fund.
D. Every licensee and their delegates shall post a notice on a
form prescribed by the Director of the Oklahoma State Bureau of
Narcotics and Dangerous Drugs Control that notifies customers that
upon filing an individual income tax return with either a valid
social security number or a valid taxpayer identification number the
customer shall be entitled to an income tax credit equal to the
amount of the fee paid by the customer for the transaction.
E. The Oklahoma Tax Commission shall be afforded all provisions
currently under law to enforce the provisions of subsection B of
this section. If a licensee fails to file reports or fails to remit
the fee authorized by subsection B A of this section, the Oklahoma
Tax Commission shall have the authority pursuant to Section 212 of
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Title 68 of the Oklahoma Statutes to suspend the license of the
licensee and its delegates. A notification of the suspension shall
also be sent to the State Banking Commissioner and the Director of
the Oklahoma State Bureau of Narcotics and Dangerous Drugs Control.
The licensee and its delegates may not reapply for a license until
all required reports have been filed and all required fee amounts
have been remitted.
F. Upon request from the Oklahoma Tax Commission, the State
Banking Commissioner may make a claim against the surety bond of the
licensee on behalf of the State of Oklahoma this state.
G. The Oklahoma State Bureau of Narcotics and Dangerous Drugs
Control and its attorneys may assist the Oklahoma Tax Commission in
conducting audits and the prosecution and/or or seeking of legal
remedies to ensure compliance with this act the Drug Money
Laundering and Wire Transmitter Act.
SECTION 2. AMENDATORY 68 O.S. 2021, Section 2357.401, is
amended to read as follows:
Section 2357.401. A. Except as otherwise provided by
subsections B and C of this section, for taxable years beginning
January 1, 2009, and ending before January 1, 2017 tax years 2009
through 2016 and 2027 and subsequent tax years, there shall be
allowed a credit against the tax imposed pursuant to Section 2355 of
this title in the amount of all electronic funds transfers fees paid
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by an individual or entity pursuant to Section 2-503.1j of Title 63
of the Oklahoma Statutes.
B. For any fees paid by a person or entity for the taxable year
beginning January 1, 2009, the credit otherwise authorized by this
section shall not be claimed for an individual prior to January 1,
2011. Subject to the requirements of this subsection, an individual
taxpayer shall be able to claim the credit authorized by this
section for all fees paid during the tax year ending December 31,
2009, and the tax year ending December 31, 2010, on the income tax
return filed for the tax year ending December 31, 2010.
C. For any fees paid by an entity other than a natural person
for the taxable year beginning January 1, 2009, the credit otherwise
authorized by this section shall not be claimed on an income tax
return prior to January 1, 2011. Subject to the requirements of
this subsection, an entity other than a natural person shall be able
to claim the credit authorized by this section for all fees paid
during a tax year ending at any time during calendar year 2009 and
for all fees paid during calendar year 2010 on the income tax return
filed for the tax year ending not later than December 31, 2010.
D. The credit authorized by this section shall not be used to
reduce the income tax liability of the taxpayer to less than zero
(0).
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E. To the extent not used in any taxable year, the credit
authorized by this section may be carried over, in order, to each of
the five (5) succeeding taxable years.
SECTION 3. This act shall become effective January 1, 2027.
60-2-2356 QD 1/15/2026 9:37:38 AM