Wire transmission fee; increasing fee; modifying application; reauthorizing income tax credit. Effective date.

SB 1988 increases fees for money transfer businesses in Oklahoma, requiring a $20 fee per transaction under $500 plus 4% for amounts over $500. It also creates a tax credit for customers who pay these fees, allowing them to claim the fee amount against their income tax. The bill modifies rules for claiming the credit, specifying it can't reduce tax below zero and must be claimed in specific tax years (e.g., 2009-2010 fees claimed on 2010 returns). All fees collected will fund the Drug Money Laundering and Wire Transmitter Revolving Fund. The bill takes effect January 1, 2027.