1 STATE OF OKLAHOMA
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2 2nd Session of the 59th Legislature (2024)
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3 HOUSE BILL 4062 By: Wallace
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6 AS INTRODUCED
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7 An Act relating to revenue and taxation; amending 68
7 O.S. 2021, Section 2370.1, which relates to income
8 tax credits; modifying applicability of tax credit
8 related to certain loan guaranty program fees; and
9 providing an effective date.
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13 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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14 SECTION 1. AMENDATORY 68 O.S. 2021, Section 2370.1, is
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15 amended to read as follows:
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16 Section 2370.1 A. There shall be allowed a credit against the
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17 tax imposed by Section 2370 of this title for any state banking
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18 association, national banking association and credit union organized
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19 under the laws of this state and whose main office is located in the
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20 state, for the amount of the guaranty fee paid by the banking
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21 association or credit union to the United States Small Business
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22 Administration pursuant to the "7(a)" loan guaranty program.
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23 B. The credit authorized by this section may be claimed for
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24 guaranty fees paid on or after January 1, 2022, and before January
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 1 1, 2025 to the Small Business Administration on behalf of the
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2 borrower.
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3 C. No credit may be claimed pursuant to this section if,
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4 pursuant to the agreement between the banking association or credit
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5 union and the entity to which proceeds are made available, the
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6 banking association or credit union adds the amount of the SBA 7(a)
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7 loan guaranty fee to the amount financed by the borrower or in any
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8 other way recovers the guaranty fee amount from the borrower.
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9 D. The credit authorized by this section may be claimed and if
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10 not fully used in the initial year for which the credit is claimed
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11 may be carried over, in order, to each of the five (5) succeeding
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12 taxable years. The credit authorized by this section may not be
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13 used to reduce the tax liability of the credit claimant below zero
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14 (0).
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15 E. The Oklahoma Tax Commission shall prepare a report regarding
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16 the amount of tax credits claimed as authorized by this section.
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17 The report shall be submitted to the Speaker of the House of
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18 Representatives and to the President Pro Tempore of the Senate not
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19 later than March 31 of each year.
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20 F. Pursuant to Section 46A of Title 62 of the Oklahoma
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21 Statutes, there shall be a measurable goal of retaining and/or
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22 creating two thousand jobs per year in Oklahoma for the credit
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23 against the tax imposed by Section 2370 of this title.
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 1 SECTION 2. This act shall become effective November 1, 2024.
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3 59-2-8560 JM 01/17/24
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