Bill No. 2745 amends the existing banking privilege taxation laws in Oklahoma, specifically targeting the taxation of state banking associations, national banking associations, and credit unions. The bill establishes a privilege tax of four percent (4%) on taxable income for these institutions, effective for taxable years beginning after December 31, 2021. It clarifies that this tax is in addition to other taxes but does not exempt real property from taxation. The bill also introduces new provisions regarding personal property leased by banks or credit unions, requiring lessees to report their taxable property to county assessors.

Additionally, the bill allows for specific deductions from net income for certain types of loans made by financial institutions starting in tax year 2025. These deductions include net interest income from qualified agricultural real estate loans, agricultural operating loans, and single-family residence loans, with limits based on the size of the institution's deposits. The total amount of deductions is capped at five million dollars annually, with a formula established for adjusting this cap in subsequent years. The act is set to take effect on November 1, 2025.