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OK SB919
Bill
AI Summary
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Amends the Oklahoma Affordable Housing Act to prohibit tax credits for qualified projects placed in service after January 1, 2018, unless the Legislature reauthorizes the program following evaluation by the Incentive Evaluation Commission
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Removes the previous 5-year review requirement by a 9-person committee appointed by the Governor, Senate President Pro Tempore, and House Speaker
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Maintains the annual cap of $4,000,000 in total Oklahoma Affordable Housing Tax Credits allocated across all qualified projects per allocation year
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Credits apply only to low-income housing projects in counties with populations under 150,000, with a 10-year credit period and 5-year carryforward for unused credits
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Effective date of November 1, 2016
Legislative Description
Tax credits; modifying time period during which credits may be claimed for investment in certain affordable housing projects. Effective date.
Last Action
coauthored by Yen
2/29/2016