1 STATE OF OKLAHOMA
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2 1st Session of the 59th Legislature (2023)
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3 SENATE BILL 562 By: Howard
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6 AS INTRODUCED
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7 An Act relating to documentary tax stamp; amending 68
7 O.S. 2021, Section 3202, which relates to exemptions;
8 requiring submission of certain documents as required
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11 BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
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12 SECTION 1. AMENDATORY 68 O.S. 2021, Section 3202, is
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13 amended to read as follows:
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14 Section 3202. A. The tax imposed by Section 3201 of this title
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15 shall not apply to:
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16 1. Deeds recorded prior to the effective date of Sections 3201
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17 through 3206 of this title;
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18 2. Deeds which secure a debt or other obligation;
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19 3. Deeds which, without additional consideration, confirm,
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20 correct, modify or supplement a deed previously recorded;
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21 4. Deeds between husband and wife, or parent and child, or any
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22 persons related within the second degree of consanguinity, without
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23 actual consideration therefor, deeds between any person and an
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24 express revocable trust created by such person or such person’s
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 1 spouse or deeds pursuant to which property is transferred from a
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2 person to a partnership, limited liability company or corporation of
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3 which the transferor or the transferor’s spouse, parent, child, or
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4 other person related within the second degree of consanguinity to
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5 the transferor, or trust for primary benefit of such persons, are
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6 the only owners of the partnership, limited liability company or
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7 corporation. However, if any interest in the partnership, limited
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8 liability company or corporation is transferred within one (1) year
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9 to any person other than the transferor or the transferor’s spouse,
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10 parent, child, or other person related within the second degree of
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11 consanguinity to the transferor, the seller shall immediately pay
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12 the amount of tax which would have been due had this exemption not
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13 been granted;
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14 5. Tax deeds;
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15 6. Deeds of release of property which is security for a debt or
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16 other obligation;
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17 7. Deeds executed by Indians in approval proceedings of the
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18 district courts or by the Secretary of the Interior;
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19 8. Deeds of partition, unless, for consideration, some of the
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20 parties take shares greater in value than their undivided interests,
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21 in which event a tax attaches to each deed conveying such greater
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22 share computed upon the consideration for the excess;
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23 9. Deeds made pursuant to mergers of partnerships, limited
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24 liability companies or corporations;
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 1 10. Deeds made by a subsidiary corporation to its parent
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2 corporation for no consideration other than the cancellation or
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3 surrender of the subsidiary’s stock;
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4 11. Deeds or instruments to which the State of Oklahoma or any
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5 of its instrumentalities, agencies or subdivisions is a party,
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6 whether as grantee or as grantor or in any other capacity;
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7 12. Deeds or instruments to which the United States or any of
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8 its agencies or departments is a party, whether as grantor or as
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9 grantee or in any other capacity, provided that this shall not
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10 exempt transfers to or from national banks or federal savings and
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11 loan associations;
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12 13. Any deed executed pursuant to a foreclosure proceeding in
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13 which the grantee is the holder of a mortgage on the property being
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14 foreclosed, or any deed executed pursuant to a power of sale in
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15 which the grantee is the party exercising such power of sale or any
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16 deed executed in favor of the holder of a mortgage on the property
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17 in consideration for the release of the borrower from liability on
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18 the indebtedness secured by such mortgage except as to cash
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19 consideration paid; provided, however, the tax shall apply to deeds
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20 in other foreclosure actions, unless otherwise hereinabove exempted,
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21 and shall be paid by the purchaser in such foreclosure actions; or
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22 14. Deeds and other instruments to which the Oklahoma Space
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23 Industry Development Authority or a spaceport user, as defined in
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24 the Oklahoma Space Industry Development Act, is a party.
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 1 B. An individual or entity claiming an exemption pursuant to
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2 this section shall provide to the county clerk documentation as may
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3 be required by the county clerk to verify eligibility for the
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4 exemption. Documentation may include but not be limited to entity
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5 minutes and ownership ledgers, tax returns or depreciation schedules
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6 related to the property conveyed in the deed, mortgages or notes
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7 issued with lands, tenements, or other realty being provided as
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8 collateral for which the exemption is claimed, and on a form
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9 prescribed by the Oklahoma Tax Commission. Affidavits claiming
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10 exemptions shall be signed under penalty of perjury.
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11 SECTION 2. This act shall become effective November 1, 2023.
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13 59-1-503 QD 1/17/2023 5:43:40 PM
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