SB 2128 Summary

• Enacts the Oklahoma Affordable Housing Act of 2014, creating a state tax credit for affordable housing projects located in counties with populations under 150,000.

• Credits equal the federal low-income housing tax credit amount for qualified projects, with a total annual cap of $4,000,000 across all projects per allocation year.

• Tax credits are available for ten-year credit periods on projects placed in service after July 1, 2015, applicable to taxpayers starting January 1, 2016.

• Credits are non-refundable but may be carried forward for five subsequent tax years; Oklahoma Housing Finance Agency issues eligibility statements certifying project qualification.

• Insurance companies claiming credits against premium or retaliatory taxes are exempt from additional retaliatory tax liability, and credits must be recaptured proportionally if federal low-income housing credits are recaptured.