OK SB804

Creates the "Oklahoma Affordable Housing Act" providing state tax credits for qualified low-income housing projects placed in service between January 1, 2014 and January 1, 2019

State tax credit amount equals the federal low-income housing tax credit amount for qualified Oklahoma projects, with total annual state credits matching the federal allocation to Oklahoma

Requires projects to have investment from a "qualified investor" with at least 8 years of experience claiming federal and state low-income housing tax credits in at least 2 states

Credits can be claimed against income tax, insurance premium tax, retaliatory tax, or financial institution tax; unused credits may be carried back 3 years or forward 5 years

Oklahoma Housing Finance Agency issues eligibility statements certifying qualified projects and establishes criteria; credits subject to recapture if federal credits are recaptured within 10 years of project placement in service