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OK SB1608
Bill
Status
5/16/2016
Primary Sponsor
Clark Jolley
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AI Summary
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Sets the time period for claiming Oklahoma Affordable Housing Tax Credits to tax years beginning on or after January 1, 2016, and before January 1, 2021.
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Establishes a tiered allocation cap: $4,000,000 per allocation year prior to January 1, 2017, and $3,000,000 per allocation year on or after January 1, 2017.
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Requires qualified projects to be placed in service after July 1, 2015, in counties with populations of less than 150,000 according to the latest Federal Decennial Census.
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State tax credits allocated to qualified projects shall equal the federal low-income housing tax credits amount, with unused credits transferable among partners, members, or shareholders.
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Effective date: November 1, 2016.
Legislative Description
Tax credits; limiting time period for tax credits under Oklahoma Affordable Housing Act. Effective date.
Last Action
Reported Do Pass, amended by committee substitute Joint Committee on Appropriations and Budget committee; JCR filed
5/24/2016