HB 1853 Summary

• Creates a 75% income tax credit for contractors constructing eligible hotel properties adjacent to or within 150 feet of horse racing and gaming facilities operated under state-tribal gaming agreements

• Credit applies to tax years beginning after December 31, 2013, and can only be claimed once per eligible hotel property during the year the property is substantially completed

• Allows unused credits to be carried forward for up to 5 years if they exceed current year income tax liability

• Oklahoma Tax Commission is directed to promulgate rules to implement the tax credit program

• Effective January 1, 2014