Oklahoma § 68-2357.401
Full text of Oklahoma Oklahoma Statutes § 68-2357.401, with citation guidance and answers to common questions.
§ 68-2357.401.
Electronic fund transfer tax credit.
Oklahoma Statutes - Title 68. Revenue and Taxation
A. Except as otherwise provided by subsections B and C of this
section, for taxable years beginning January 1, 2009, and ending
before January 1, 2017, there shall be allowed a credit against the
tax imposed pursuant to Section 2355 of this title in the amount of
all electronic funds transfers fees paid by an individual or entity
pursuant to Section 2-503.1j of Title 63 of the Oklahoma Statutes.
B. For any fees paid by a person or entity for the taxable year
beginning January 1, 2009, the credit otherwise authorized by this
section shall not be claimed for an individual prior to January 1,
2011. Subject to the requirements of this subsection, an individual
taxpayer shall be able to claim the credit authorized by this
section for all fees paid during the tax year ending December 31,
2009, and the tax year ending December 31, 2010, on the income tax
return filed for the tax year ending December 31, 2010.
C. For any fees paid by an entity other than a natural person
for the taxable year beginning January 1, 2009, the credit otherwise
authorized by this section shall not be claimed on an income tax
return prior to January 1, 2011. Subject to the requirements of
this subsection, an entity other than a natural person shall be able
to claim the credit authorized by this section for all fees paid
during a tax year ending at any time during calendar year 2009 and
for all fees paid during calendar year 2010 on the income tax return
filed for the tax year ending not later than December 31, 2010.
D. The credit authorized by this section shall not be used to
reduce the income tax liability of the taxpayer to less than zero
(0).
E. To the extent not used in any taxable year, the credit
authorized by this section may be carried over, in order, to each of
the five (5) succeeding taxable years.
Added by Laws 2009, c. 442, § 16, eff. July 1, 2009. Amended by
Laws 2014, c. 34, § 1, eff. Nov. 1, 2014.
Frequently Asked Questions About Oklahoma § 68-2357.401
What does Oklahoma Statutes § 68-2357.401 cover?
Section 68-2357.401 is part of the Oklahoma Statutes, the codified statutory law of Oklahoma. It sets out the legal rule or procedure described in the text above. Statutes are amended regularly, so always verify against the official source.
How do I cite Oklahoma § 68-2357.401?
A common citation format is "Oklahoma Statutes § 68-2357.401" (Oklahoma). Legal writing may require the code abbreviation, section number, and year or edition. Match the style required by your court, professor, or publisher.
Is this the official text of Oklahoma law?
No. This page is for research and education and may not include the most recent amendments. For official current law, check the Oklahoma official source linked on this page or consult a licensed Oklahoma attorney.
How does Oklahoma § 68-2357.401 apply to my situation?
Statutes are interpreted in context, and application depends on your specific facts. Only a licensed attorney in Oklahoma can advise on how this section applies to you. Contact your state or local bar association for a referral.
Sources & Verification
Not legal advice. Verify against the official source and consult a licensed attorney in Oklahoma.