Oklahoma Administrative Code
Title 710 - Oklahoma Tax Commission
Chapter 65 - Sales and Use Tax
Subchapter 19 - Specific Applications and Examples
Part 11 - "F"
Section 710:65-19-106 - Sales to banks, savings and loan associations, credit unions and other financial institutions

(a) Sales to national banks, state chartered banks, federally chartered savings and loan associations, state chartered savings and loan associations, state chartered credit unions, and other privately-owned financial institutions are subject to sales and use tax.

(b) These institutions' purchases subject to sales or use tax include office furniture and equipment (such as desks, chairs, couches, writing tables and office machines), safe deposit boxes, drive-up and walk-up windows, night depository equipment, vault doors, remote TV auto teller systems and camera security equipment.

(c) This conclusion also applies to sales of building materials and fixtures to construction contractors for incorporation into real estate owned by banks and savings and loan associations even if such real estate is used for bank or savings and loan association purposes. For purposes of this subsection, the date of sale is considered to be the date of delivery to the purchaser.

(d) Any tangible personal property purchased by an institution to be given away or sold at cost or less than cost to a customer, whether or not based upon the amount of a deposit, is taxable at the time it is purchased. This property includes calendars, playing cards, plat books, maps and any other items transferred to customers to promote business. Checking account and savings account forms provided customers free of charge are also subject to the tax. When such items are sold by a financial institution at a price in excess of cost, the financial institution may purchase such property without paying sales tax by giving its vendor a valid sales tax permit. At the time the property is resold, to the financial institution's customer, sales tax should be collected, reported and remitted to the Commission by the financial institution.

(e) However, sales to Federal Reserve Banks, Federal Land Banks, and Federal Home Loan Banks, and federally chartered credit unions are exempt from sales and use tax pursuant to either the exemption for sales to the federal government, or because federal law preempts state taxation of certain institutions.