OK HB3572

Amends Oklahoma's ad valorem tax exemption for charitable institutions to clarify that "net income, or any amount, part, or portion thereof" from property must be used exclusively within the state for charitable purposes to qualify for tax exemption

Adds a new qualifying category for property tax exemption: affordable housing projects constructed, developed, or operated under the section that are financed in whole or in part through low income housing tax credits authorized under the Tax Reform Act of 1986

Expands the requirement that charitable institution property not be leased or rented to parties other than governmental bodies, charitable institutions, or members of the general public authorized as tenants under Section 501(c)(3) of the Internal Revenue Code

Effective date is November 1, 2026