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Bill > SB1574
OK SB1574
OK SB1574Oklahoma Affordable Housing Act; increasing tax credit allocation limit. Effective date.
summary
Introduced
02/02/2026
02/02/2026
In Committee
02/03/2026
02/03/2026
Crossed Over
Passed
Dead
Introduced Session
2026 Regular Session
Bill Summary
An Act relating to income tax; amending 68 O.S. 2021, Section 2357.403, as last amended by Section 1, Chapter 66, O.S.L. 2024 (68 O.S. Supp. 2025, Section 2357.403), which relates to the Oklahoma Affordable Housing Act; increasing the limit on tax credits allocated for certain allocation years; updating statutory reference; updating statutory language; and providing an effective date.
AI Summary
This bill, amending the Oklahoma Affordable Housing Act, increases the total amount of state tax credits that can be allocated annually for qualified affordable housing projects. Specifically, for allocation years beginning before July 1, 2026, the limit remains at $4,000,000, but for allocation years beginning on or after July 1, 2026, this limit will increase to $8,000,000. The Oklahoma Housing Finance Agency, which is responsible for issuing eligibility statements to certify projects qualify for these tax credits, will continue to oversee this program, which aims to incentivize the development of affordable housing by providing tax relief to developers and investors. The bill also updates statutory references and language related to this tax credit program and sets an effective date of November 1, 2026.
Committee Categories
Budget and Finance
Sponsors (1)
Last Action
Second Reading referred to Revenue and Taxation Committee then to Appropriations Committee (on 02/03/2026)
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=sb1574&Session=2600 |
| Fiscal Note/Analysis - Senate: SB1574 INT FI | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/impact%20statements/fiscal/Senate/SB1574%20INT%20FI.PDF |
| Fiscal Note/Analysis - Senate: Introduced | https://www.oklegislature.gov/cf_pdf/2025-26%20SUPPORT%20DOCUMENTS/BILLSUM/Senate/SB1574%20INT%20BILLSUM.PDF |
| BillText | https://www.oklegislature.gov/cf_pdf/2025-26%20INT/SB/SB1574%20INT.PDF |
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