SB 1150 Summary

• Amends Oklahoma tax law (68 O.S. 2011, Section 2370.1) regarding the bank privilege tax credit for guaranty fees paid to the Small Business Administration.

• Limits the time period during which banks, credit unions, and state banking associations can claim credits for SBA "7(a)" loan guaranty fees to payments made on or after January 1, 2000 and before January 1, 2017.

• Allows unused credits to be carried forward to the five succeeding taxable years but prohibits reducing tax liability below zero.

• Requires the Oklahoma Tax Commission to submit annual reports on tax credits claimed under this section to the Speaker of the House and President Pro Tempore of the Senate by March 31 each year.

• Effective date: November 1, 2014.