OK HB1870

Authorizes an income tax credit equal to 50% of eligible costs for construction of qualifying hotel facilities for taxable years beginning January 1, 2016 through December 31, 2020.

Defines "eligible costs" as construction materials, architectural and engineering fees, direct and indirect labor, and other expenditures directly related to hotel facility construction.

Requires qualifying hotel facilities to be designed for temporary occupancy of minimum one day with maximum 30-day occupancy by the same person, and located within 150 feet of horse racing and gaming facilities licensed under the State-Tribal Gaming Act.

Prohibits the tax credit from reducing tax liability below zero and allows unused credits to be carried forward for up to five succeeding taxable years.

Becomes effective January 1, 2016.