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Bill > SB1393
OK SB1393
OK SB1393Income tax credit; creating the RESTORE Act; providing credit for certain adaptive reuse projects. Effective date. Emergency.
summary
Introduced
02/02/2026
02/02/2026
In Committee
02/09/2026
02/09/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An Act relating to income tax credit; creating the Revitalizing Empty Structures Through Ownership, Renovation, and Enterprise (RESTORE) Act; providing short title; creating the Revitalizing Empty Structures Through Ownership, Renovation, and Enterprise (RESTORE) Program; defining terms; directing the Oklahoma Housing Finance Agency and the Oklahoma Tax Commission to administer the program; authorizing establishments to apply for tax credit for certain qualified expenditures on an adaptive reuse project; stipulating credit amount; authorizing the Agency to approve applications for credit for certain fiscal years; limiting approval amount for fiscal year; requiring reallocation of unused approval amounts to subsequent fiscal year limitation; requiring the Agency to develop a preference rating system; authorizing the establishment to claim credit upon application approval and project completion; requiring the Agency to verify qualification; requiring the Agency to provide notification to the Tax Commission when credit is awarded; stipulating the tax year in which credit is awarded; prohibiting refundability of credit; authorizing the carry forward of credit; requiring the Agency to submit annual report; authorizing the promulgation of rules; providing for noncodification; providing for codification; providing an effective date; and declaring an emergency.
AI Summary
This bill establishes the Revitalizing Empty Structures Through Ownership, Renovation, and Enterprise (RESTORE) Program, which creates an income tax credit for businesses that convert old, underutilized non-residential structures into housing. The program allows establishments to apply for a tax credit covering up to 50% of qualified expenditures for adaptive reuse projects, such as environmental remediation, building code compliance, and infrastructure upgrades. To qualify, structures must be at least 50 years old, vacant for three years, and not eligible for historic preservation tax credits. The Oklahoma Housing Finance Agency will administer the program, approving applications based on factors like workforce housing needs, affordable housing creation, infrastructure access, and location in designated districts. The tax credit is available from 2027 to 2037, with a yearly cap of $5 million, and unused credits can be carried forward for up to ten subsequent tax years. Importantly, the credit cannot reduce a taxpayer's income tax liability below zero, and the agency must submit an annual report detailing the program's impact, including project locations, housing units produced, and economic benefits. The bill will become effective on July 1, 2026, with an emergency clause ensuring immediate implementation.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Referred to Appropriations (on 02/09/2026)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1393&Session=2600 |
| Fiscal Note/Analysis - Senate: SB1393 INT FI | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/impact%20statements/fiscal/Senate/SB1393%20INT%20FI.PDF |
| Fiscal Note/Analysis - Senate: Introduced | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/BILLSUM/Senate/SB1393%20INT%20BILLSUM.PDF |
| BillText | https://www.oklegislature.gov/cf_pdf/2025-26%20INT/SB/SB1393%20INT.PDF |
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