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 modifies the interest rate for underpayments of estimated tax payments, aligning it with the new calculation method.

The bill also includes provisions for penalties related to delinquent taxes, specifying that a ten percent penalty will be added if taxes are not paid within certain timeframes. Furthermore, it establishes that the new interest rates will apply to all delinquencies occurring on or after the effective date of the act, which is set for November 1, 2025. The bill aims to clarify the application of these interest rate changes and ensure consistency in tax collection practices.