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 replaces certain existing taxes on shares of stock and personal property. The bill also specifies that real property owned by these institutions remains taxable and outlines the responsibilities of lessees regarding personal property taxation.

Additionally, the bill introduces new deductions for financial institutions starting in tax year 2025, allowing them to deduct net interest income from qualified agricultural real estate loans, agricultural operating loans, and single-family residence loans attributed to Oklahoma. The deductions are capped based on the size of the institution's deposits and are limited to a total of five million dollars per tax year. The bill also includes definitions for various terms related to the deductions and establishes a formula for adjusting the deduction limits annually. The act is set to take effect on November 1, 2025.