OK SB916

Establishes the "Tax Credit Reform Act of 2016" to modify and cap various Oklahoma income tax credits beginning with tax year 2016

Caps the manufacturing investment/job creation tax credit at $25 million annually, the clean-burning motor vehicle fuel property credit at $5 million annually, the zero-emission electricity facility credit at $10 million annually, and the historic rehabilitation credit at $5 million annually

Eliminates the child care/child tax credit for tax years beginning on or after January 1, 2016, which previously allowed 20% of federal child care credit or 5% of federal child tax credit

Reduces the Oklahoma earned income tax credit from 5% to 4% of the federal credit for tax years beginning on or after January 1, 2016, and reduces sales tax relief claims from $40 to $30 per exemption

Modifies the Oklahoma Affordable Housing Tax Credit allocation caps: $2 million for projects before July 2016, $1.5 million for projects July 2016 through December 2016, and $3 million annually thereafter