SB 1580 Summary

• Amends the Oklahoma Affordable Housing Tax Credit program under the "Oklahoma Affordable Housing Act" to modify annual credit allocation amounts based on project placement dates.

• Sets total credit allocations at $2,000,000 for projects placed in service before July 1, 2016; $1,500,000 for projects placed in service July 1, 2016 through December 31, 2016; and $3,000,000 for projects placed in service on or after January 1, 2017.

• Requires qualified projects to be located in Oklahoma counties with populations under 150,000 and to be matched with federal low-income housing tax credits under Internal Revenue Code Section 42.

• Allows taxpayers to carry forward unused credits for up to five subsequent taxable years and requires submission of Oklahoma Housing Finance Agency eligibility statements with tax returns.

• Effective date: November 1, 2016.