OK HB1477

Creates a $2,000 income tax credit for natural persons who own qualified property (single family homes less than 1,501 square feet completed at least 50 years prior) for taxable years beginning January 1, 2026 or later.

Limits credit eligibility to taxpayers who have owned qualified property for at least 4 years but not more than 8 years and qualified for homestead exemption in the three tax years preceding the claim.

Makes the credit fully refundable, requiring the Oklahoma Tax Commission to refund 100 percent of unused credits directly to taxpayers at their election.

Excludes refunded credit amounts from income taxation under Oklahoma law.

Becomes effective November 1, 2025.