SB 94 Summary

• Amends the Oklahoma Affordable Housing Act to allow tax credits only for qualified low-income housing projects placed in service on or after January 1, 2020, if the Oklahoma Legislature reauthorizes the program after legislative review.

• Sets the annual cap for Oklahoma Affordable Housing Tax Credits at $4,000,000.00 across all qualified projects in an allocation year.

• Qualifies projects for credits only if located in counties with populations less than 150,000 according to the latest Federal Decennial Census and meets federal low-income housing tax credit standards under Section 42 of the Internal Revenue Code.

• Allows taxpayers to claim credits for tax years beginning January 1, 2016, and carry forward unused credits for up to five subsequent taxable years.

• Makes the bill contingent on Senate Bill No. 72 of the 1st Session of the 55th Oklahoma Legislature becoming effective as law.