This bill amends Sections 217 and 2385.13 of Title 68 of the Oklahoma Statutes, which pertain to tax interest rates. The amendments replace the previous interest rate of one and one-quarter percent (1.25%) per month with a new annual rate calculated using Wall Street Prime as of January 1 of that year, plus three percentage points. This change applies to both delinquent taxes and deficiencies assessed by the Oklahoma Tax Commission. Additionally, the bill specifies that the new interest rates will apply to all delinquencies occurring on or after the effective date of the act, as well as to any existing delinquent accounts.

The bill also clarifies that no addition to tax will be imposed for underpayment of estimated tax if the tax shown on the return for the taxable year is less than $1,000 or if the taxpayer was an Oklahoma resident for the preceding year without any tax liability. The effective date of the act is set for November 1, 2025.