OK SB234

Creates the Adaptive Reuse Housing Development Program offering income tax credits up to 50% of qualified expenditures for converting obsolete structures into residential housing

Eligible structures must be at least 30 years old, vacant or underutilized for at least 3 years, and generating less than 50% of market-rate rental income

Qualified expenditures include environmental remediation, building code compliance, efficiency upgrades, and plumbing/electrical/climate control improvements

Annual program cap of $5 million in tax credits beginning fiscal year 2026, with unused amounts rolling forward to subsequent years

Unused credits may be carried forward for up to 10 subsequent tax years; Oklahoma Department of Commerce and Tax Commission will jointly administer the program