OK SB1437

Amends Oklahoma income tax law to allow contractors a credit against state income tax for constructing energy-efficient residential properties of 2,000 square feet or less.

Provides $4,000 maximum credit for properties certified at least 40% above 2003 International Energy Conservation Code standards and $2,000 maximum credit for properties 20-39% above those standards.

Eligible expenditures include energy-efficient heating/cooling systems, insulation, exterior windows, doors, and metal roofs meeting Energy Star requirements.

Reduces credit amount to 75% of calculated value for tax years beginning January 1, 2017 and later.

Becomes effective November 1, 2016; unused credits may be carried forward for up to four years and are freely transferable to subsequent transferees for credits earned after the effective date.