Bill > HB2410

This bill amends the Oklahoma Affordable Housing Act by increasing the total amount of Oklahoma Affordable Housing Tax Credits that can be allocated to qualified projects from $4 million to $10 million annually until December 31, 2029, after which it will return to $4 million until December 31, 2035. The bill makes the tax credit nonrefundable, meaning taxpayers cannot receive a refund if the credit exceeds their tax liability. The tax credit applies to qualified low-income housing projects and can be claimed by taxpayers who own an interest in such projects for tax years beginning on or after January 1, 2016. Taxpayers can assign their investment interest, and any unused credits can be carried forward for two subsequent taxable years. The Oklahoma Housing Finance Agency will continue to issue eligibility statements for projects, and if federal low-income housing tax credits are recaptured, a proportional amount of state tax credits must also be recaptured. The bill maintains existing provisions that prevent the credit from reducing tax liability to less than zero and requires an eligibility statement to be submitted with tax returns. The changes are designed to support and incentivize affordable housing development in Oklahoma, with the increased credit limit potentially encouraging more investment in low-income housing projects.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb2410&Session=2600