OK SB1603

Amends Section 2357.46 of Oklahoma Statutes to limit the income tax credit for energy-efficient residential construction to the period beginning January 1, 2006 and ending July 1, 2016.

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

Eligible expenditures include energy-efficient heating/cooling systems, insulation materials, exterior windows and doors, and metal roofs with Energy Star-compliant pigmented coatings.

Allows unused credits to be carried forward for up to four years, and makes credits earned on or after July 1, 2006 freely transferable to subsequent transferees.

Suspends credit eligibility from July 1, 2010 to July 1, 2012, then resumes from July 1, 2012 onward until the program terminates on July 1, 2016.