This bill amends Section 2370 of Title 68 of the Oklahoma Statutes, which pertains to banking privilege taxation. It clarifies existing references and eliminates certain additional tax treatments while providing a new deduction against the tax for specific types of interest income. The bill establishes eligibility criteria and limitations for this deduction, which includes net interest income from qualified agricultural real estate loans, agricultural operating loans, and single-family residence loans attributed to the state. The deduction is capped at $500,000 for larger financial institutions and $250,000 for smaller ones over a three-year period, with an overall annual cap of $5 million on total deductions.

Additionally, the bill specifies that the new deduction can only be claimed for interest earned on eligible loans made between December 31, 2024, and January 1, 2028. It also defines various terms related to the deductions, such as "qualified agricultural real estate loans" and "single-family residence." The effective date for these changes is set for November 1, 2025. Overall, the bill aims to streamline banking taxation while incentivizing lending in specific sectors of the economy.