Bill > HB3572

This bill modifies existing Oklahoma law regarding property tax exemptions for charitable institutions, specifically focusing on the requirements for these organizations to qualify for ad valorem tax relief, which is a tax based on the assessed value of property. The key changes involve expanding the definition of what constitutes "net income" for a charitable institution to include "any amount, part, or portion thereof," and also adding a provision that allows for exemptions for affordable housing projects financed with low-income housing tax credits, which are federal tax incentives designed to encourage the development of affordable housing. The bill also clarifies that certain properties used for affordable housing projects, particularly those financed with tax-exempt obligations, may not be exempt from property taxes. Finally, the bill sets an effective date of November 1, 2026, for these changes to take effect.

http://www.oklegislature.gov/BillInfo.aspx?Bill=hb3572&Session=2600