Senate Bill No. 474 introduces new requirements for businesses seeking to utilize the sales tax exemption for resale purposes in Oklahoma. The bill mandates that businesses must obtain a separate sale for resale exemption permit from the Oklahoma Tax Commission, which will issue the permit upon proper application and verification. The permit is free of charge and can be issued electronically or through other means. Vendors are required to honor valid permits, and it is illegal for certain vendors to claim the exemption without having obtained the necessary permit. Violators may face misdemeanor charges and fines of up to $1,000.

Additionally, the bill stipulates that all sale for resale permits will expire on June 30 following their issuance. It also allows for the development of an electronic verification system by the Oklahoma Tax Commission, enabling sellers to confirm the validity of permit numbers. This verification will create a presumption that sales made with verified permits are valid for the resale exemption. The act is set to take effect on June 1, 2026.