HB 1555 Summary

• Amends Section 2357.41 to limit qualified rehabilitation expenditure tax credits for historic structures to tax years ending not later than June 30, 2018, with credits equal to 100% of the federal rehabilitation credit under Section 47 of the Internal Revenue Code.

• Amends Section 2357.46 to limit energy efficient residential property construction tax credits to tax years ending not later than June 30, 2018, with maximum credits of $4,000 for properties 40% or more above energy conservation code standards and $2,000 for properties 20-39% above standards.

• Establishes a temporary suspension on claiming both tax credits for activities occurring July 1, 2010 through June 30, 2012, with credits resumable beginning July 1, 2012 for subsequent qualifying activities.

• Repeals 68 O.S. 2011, Section 1370.3, relating to a sales tax payment-based tax credit, effective November 1, 2015.

• Makes amendments to Sections 1 and 2 effective July 1, 2018.