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OK SB1226
Bill
AI Summary
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Amends 68 O.S. 2011, Section 2370 to limit the time period for claiming tax credits related to Rural Economic Development Loans for banking associations and credit unions.
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Restricts tax credit claims to before January 1, 2017 for taxable income received pursuant to loans made under the Rural Economic Development Loan Act.
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Tax credits are limited to 5% annually of the certified annual payroll amount and may be carried forward for up to 5 taxable years if unused.
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Credits are non-transferable and non-refundable; no credits may be claimed for events occurring on or after July 1, 2010 until July 1, 2012 when the credit authorization resumes.
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Becomes effective November 1, 2014.
Legislative Description
Privilege tax; limiting time period during which tax credits may be claimed by banking associations and credit unions. Effective date.
Revenue and Taxation
Last Action
Approved by Governor 04/14/2014
4/14/2014