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OK SB617
Bill
Status
2/4/2013
Primary Sponsor
Clark Jolley
Click for details
AI Summary
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Creates the "Oklahoma Affordable Housing Act" establishing a state tax credit for qualified investors in low-income housing projects placed in service after December 31, 2013
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Sets the Oklahoma state affordable housing tax credit amount equal to the federal low-income housing tax credit for qualified projects, with total annual credits capped at the state's federal allocation
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Allows credits to be used against income tax, insurance premium tax, retaliatory tax, or financial institution tax, and permits use for estimated tax payments
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Permits unused credits to be carried back 3 years or carried forward 5 years, and requires recapture of credits proportional to any federal credit recapture within the first 10 years
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Requires taxpayers to submit an eligibility statement from the Oklahoma Housing Finance Agency when filing returns to claim the credit
Legislative Description
Tax credits; providing credits for certain builders of low-income housing under specified conditions. Effective date.
Revenue and Taxation
Last Action
coauthored by Jackson (principal House author)
2/5/2013