Bill > HB1477

This bill creates a new income tax credit for owners of single-family homes in Oklahoma, specifically targeting homeowners of properties less than 1,501 square feet in established neighborhoods that are at least 50 years old. The credit is worth $2,000 and is available to individual taxpayers who have owned such a "qualified property" for between 4 and 8 years. To be eligible, taxpayers must have qualified for the homestead exemption in the three tax years prior to claiming the credit, and the credit will be available for tax years beginning on or after January 1, 2026. A key feature of this tax credit is that it is fully refundable, meaning that if a taxpayer cannot use the entire $2,000 credit against their tax liability, the Oklahoma Tax Commission will refund the remaining balance directly to the taxpayer. The refunded amount will not be subject to additional taxation. The bill is set to become effective on November 1, 2025, and appears designed to provide financial support to long-term homeowners of smaller, older homes in established neighborhoods.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb1477&Session=2600