OK SB1631

Creates a state low-income housing tax credit for taxpayers owning interests in qualified Oklahoma projects that receive eligibility statements from the Oklahoma Housing Finance Agency.

Tax credit amount equals the federal low-income housing tax credit for the project (up to the amount the Housing Finance Agency determines necessary for project feasibility), limited to $6 million per fiscal year for tax-exempt bond-financed projects.

Allows unused credits to be carried back three years or forward three years, and permits transfer of unused credits to other eligible taxpayers within five years of qualification through written agreement filed with the Tax Commission.

Requires taxpayers to submit eligibility statements from the Oklahoma Housing Finance Agency with their tax returns to claim the credit; imposes recapture requirements if federal credits are recaptured.

Provides capital gains exclusion (25 percent) for owners selling low-income housing projects to nonprofit or governmental organizations committed to preserving low-income occupancy; effective January 1, 2013.