OK SB1578

Amends Oklahoma income tax law to limit the energy efficient residential property tax credit to tax years beginning after December 31, 2005, and ending before January 1, 2016.

Provides tax credits for contractors constructing energy efficient residential properties of 2,000 square feet or less: up to $4,000 for properties 40% or more above International Energy Conservation Code 2003 standards, and up to $2,000 for properties 20-39% above those standards.

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

Allows unused credits to carry forward against subsequent income tax liability for up to four years, and makes credits earned after July 1, 2006 freely transferable to subsequent transferees.

Act becomes effective November 1, 2016.