Bill > SB627

This bill establishes new regulations and tax incentives related to storm shelters in Oklahoma. The Oklahoma Uniform Building Code Commission is authorized to create standards for multiunit housing developments that require storm shelters designed to protect against tornadoes, meeting Federal Emergency Management Agency (FEMA) recommendations. These shelters can include safe rooms within a property, in-ground shelters, or prefabricated shelters. The bill also introduces a tax credit for storm shelter installations starting in tax year 2026, offering a 25% credit for shelters in single-family residences and multi-family housing units, with a slightly lower 20% credit for shelters installed during multi-family housing construction. For business entities, the tax credit is capped at $500,000 per year and cannot reduce tax liability below zero, while individual taxpayers can receive a refund for excess credits. Unused credits can be carried forward for up to five subsequent tax years, and the Oklahoma Tax Commission will oversee the credit's implementation through prescribed forms and rules. The bill will become effective on November 1, 2025, providing a comprehensive approach to improving storm safety and offering financial incentives for shelter installation.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb627&Session=2600