OK SB1155

Requires seven existing Oklahoma tax credits to be reauthorized by the Legislature after evaluation by the Incentive Evaluation Commission, or they will expire for activities occurring on or after January 1, 2018

Affected credits include: manufacturing investment/new employment, historic building rehabilitation, biomedical/cancer research institute donations, energy efficient residential construction, railroad reconstruction expenditures, scholarship-granting organization donations, and affordable housing investments

Manufacturing investment credits require minimum $50,000 in qualified depreciable property, with credit amounts of 1% of property cost or $500 per new employee for standard credits, and 2% or $1,000 per employee for investments exceeding $40 million

Scholarship tax credits are capped at $3.5 million annually for scholarship-granting organizations and $1.5 million for educational improvement grant organizations, with individual limits of $1,000-$2,000 for individuals and $100,000 for business entities

Oklahoma Affordable Housing Tax Credits are capped at $4 million per allocation year and equal the amount of federal low-income housing tax credits for qualified projects in counties with population under 150,000