OKLAHOMA CITY, Okla.–Starting in 2022, Oklahoma’s state-chartered credit unions will benefit from a significant reduction in the so-called privilege tax they’re required to pay, according to the Cornerstone Credit Union League.
Gov. Kevin Stitt has signed into law HB 2961, which reduces the tax rate paid by bank associations and credit unions, from 6% to 4%. The bill was part of an overall legislative effort to reduce the tax burden on Oklahoma businesses, the CCUL said.
“This is a big win for our state-chartered credit unions,” said Oklahoma Credit Union Association Executive Director Nate Webb in a statement. “This is something we’ve been working on for some time, but until now the state was not in the fiscal condition to move forward. Now that Oklahoma is enjoying a significant increase in revenue, the time is right to get this significant piece of legislation signed into law.”
‘Very Positive Impact’
Added Cornerstone league President/CEO Caroline Willard, “The new tax rate will have a very positive impact on the bottom lines of our state-chartered credit unions in Oklahoma. I want to thank Nate Webb, our executive director at Oklahoma Credit Union Association, for his tireless advocacy efforts and engagement with lawmakers at the capitol on behalf of our member credit unions.”
The law takes effect on Jan. 1, 2022.