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Bill

SB 1988

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

2026 Regular Session Introduced by Brian Guthrie

SB 1988 increases Oklahoma's wire transmission fee and extends an income tax credit, potentially raising transaction costs while modifying tax relief provisions.

Failed in Committee - Public Safety
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WeVote Research Nonpartisan
Bill Summary · SB 1988

Legislative bill overview

SB 1988 modifies Oklahoma's wire transmission fee structure by increasing the fee amount and changing how it applies to wire transfers. The bill also reauthorizes an income tax credit, though specific details about which credit and its scope are not provided in the bill summary.

Why is this important

Wire transmission fees directly affect financial transactions for Oklahoma residents and businesses, making this relevant to consumer costs and business operations. The reauthorization of an income tax credit suggests the legislature is extending tax benefits that would otherwise expire, impacting state revenue and taxpayer obligations.

Potential points of contention

  • Fee increase impact: Residents and businesses may face higher costs for wire transfers, potentially disproportionately affecting lower-income individuals and small businesses
  • Tax credit details: Without knowing which income tax credit is being reauthorized, stakeholders cannot assess whether the credit benefits are targeted appropriately or sustainable long-term
  • Revenue vs. burden: The fee increase generates state revenue but creates a direct financial burden on residents; the balance between these competing interests may be disputed

Compiled from official sources — confirm details with the bill’s official record.

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