Bill > SB288

This bill provides a tax credit for members of the Oklahoma Army National Guard or Oklahoma Air National Guard who purchase a home in Oklahoma, starting in the 2026 tax year. The credit will cover down payment and closing costs, with a maximum value of $4,000 per individual, and is refundable, meaning that even if the credit exceeds the taxpayer's tax liability, they will receive the full amount. To claim the credit, individuals must complete a specific form provided by the Oklahoma Tax Commission and submit verification of their down payment and closing costs. Each eligible National Guard member can claim this credit only once. The Oklahoma Tax Commission is authorized to create rules to implement this tax credit program, which will go into effect on November 1, 2025. The goal of this legislation appears to be providing financial support and housing assistance to members of the state's National Guard as a form of recognition and benefit for their service.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb288&Session=2600