OK HB3099

Creates the "Oklahoma Affordable Housing Act" establishing a state tax credit for qualified low-income housing projects placed in service after December 31, 2014

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

Credits may be claimed by taxpayers against state income tax, insurance premium tax, retaliatory tax, or financial institution tax, and can be allocated among partners, members, or shareholders

Unused credits may be carried forward for five subsequent taxable years; recapture provisions apply if federal credits are recaptured during the first ten years

Requires a review committee of nine persons (appointed by Governor, Senate President Pro Tempore, and House Speaker) to evaluate the program every five years; effective date January 1, 2015