This bill amends existing laws related to money transmissions and income tax credits in Oklahoma. It modifies the fee structure for money transmissions, specifically increasing the fee for transactions outside the United States from $5 to $20 for amounts not exceeding $500, and introduces a new fee of 4% for amounts exceeding $500. Additionally, it mandates that these fees be remitted quarterly to the Oklahoma Tax Commission and specifies that revenues from these fees will be allocated to the Drug Money Laundering and Wire Transmitter Revolving Fund. The bill also includes provisions for notifying customers about their eligibility for an income tax credit based on the fees paid for these transactions.

Furthermore, the bill updates the income tax credit provisions to allow individuals and entities to claim credits for electronic funds transfer fees paid during tax years 2009 through 2016 and for 2027 and subsequent years. It clarifies that the credit cannot reduce a taxpayer's income tax liability below zero and allows unused credits to be carried over for up to five succeeding taxable years. The effective date for these changes is set for January 1, 2027.