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Bill > SB2056
OK SB2056
OK SB2056Electronic money transmissions; increasing fee; modifying tax years credit can be claimed. Effective date.
summary
Introduced
02/02/2026
02/02/2026
In Committee
02/03/2026
02/03/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An Act relating to money transmissions; amending 63 O.S. 2021, Section 2-503.1j, which relates to fee for money transmissions; modifying fee amount; amending 68 O.S. 2021, Section 2357.401, which relates to income tax credit in the amount of electronic funds transfers fees; modifying tax years for which credit is claimed; updating statutory language; updating statutory references; and providing an effective date.
AI Summary
This bill increases the fee for money transmissions, which are services that allow individuals or businesses to send money electronically, from $5.00 to $10.00 for transactions up to $500.00, and raises the additional percentage fee on amounts exceeding $500.00 from 1% to 3%. It also modifies the tax years for which individuals and entities can claim an income tax credit equal to the amount of these electronic funds transfer fees, allowing the credit for tax years 2009 through 2016 and again for 2027 and subsequent tax years, with specific rules for claiming the credit for earlier years. The bill also updates statutory language and references and sets an effective date of November 1, 2026.
Committee Categories
Justice
Sponsors (2)
Last Action
Second Reading referred to Public Safety Committee then to Appropriations Committee (on 02/03/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=sb2056&Session=2600 |
| Fiscal Note/Analysis - Senate: SB2056 INT FI | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/impact%20statements/fiscal/Senate/SB2056%20INT%20FI.PDF |
| Fiscal Note/Analysis - Senate: Introduced | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/BILLSUM/Senate/SB2056%20INT%20BILLSUM.PDF |
| BillText | https://www.oklegislature.gov/cf_pdf/2025-26%20INT/SB/SB2056%20INT.PDF |
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