OK SB1393

Creates the RESTORE (Revitalizing Empty Structures Through Ownership, Renovation, and Enterprise) Program offering income tax credits of up to 50% of qualified expenditures for converting obsolete nonresidential structures into housing

Eligible structures must be at least 50 years old, vacant or underutilized for at least 3 years, and ineligible for federal historic preservation tax credits

Oklahoma Housing Finance Agency authorized to approve up to $5 million in credits annually from fiscal years 2027 through 2037, with unused amounts rolling forward to subsequent years

Projects receive preference based on workforce/affordable housing need, commitment to maintain 20% or more units as affordable for at least 10 years, access to infrastructure, and location in Main Street or Cultural Districts

Credits are non-refundable but may be carried forward for up to 10 subsequent tax years; effective date July 1, 2026