This bill introduces new provisions related to sales and use tax in Oklahoma, specifically allowing sellers or vendors to claim a deduction from the sales tax due. Under the new law, sellers or vendors can deduct one percent (1%) of the tax due for the purpose of compensating them for maintaining sales tax records, filing reports, and remitting the tax. However, this deduction is not applicable if the seller has a direct payment permit, and it is limited to a maximum of One Thousand Dollars ($1,000.00) per month per sales tax account number. Additionally, no deductions will be allowed if the tax report or payment is submitted after the due date, unless the Oklahoma Tax Commission determines that the delay was due to a natural disaster with a Presidential Major Disaster Declaration.

The bill also establishes a similar deduction for use tax, allowing sellers or vendors to claim a deduction equal to the amount specified under the Oklahoma Sales Tax Code for maintaining use tax records and filing reports. The effective date for this act is set for November 1, 2026.