OK SB627

Oklahoma Uniform Building Code Commission is authorized to establish standards requiring storm shelters in new multiunit housing developments built after the effective date, designed to meet Federal Emergency Management Agency recommendations and including safe rooms, in-ground shelters, or prefabricated shelters.

Tax credit allowed beginning tax year 2026 for expenditures to purchase, construct, and install storm shelters on single-family residences (25% of expenditures), existing multi-family housing units (25% of expenditures), or during construction of multi-family units (20% of expenditures).

Business entities cannot claim more than $500,000 in storm shelter tax credits per tax year and cannot reduce income tax liability below zero, but may carry forward unused credits for up to five subsequent tax years.

Individual taxpayers may claim refunds if the storm shelter tax credit exceeds their income tax liability under Oklahoma law.

Oklahoma Tax Commission shall prescribe the credit claim form and may promulgate rules for documenting qualifying expenditures; act becomes effective November 1, 2025.