The proposed bill establishes the Revitalizing Empty Structures Through Ownership, Renovation, and Enterprise (RESTORE) Act, which aims to create a program to incentivize the adaptive reuse of obsolete structures in Oklahoma. The program will be administered by the Oklahoma Housing Finance Agency and the Oklahoma Tax Commission, allowing establishments to apply for a tax credit of up to 50% of qualified expenditures related to the renovation of nonresidential structures that have been vacant or underutilized for at least three years. The bill outlines specific definitions for terms such as "adaptive reuse," "obsolete structure," and "qualified expenditures," and sets a cap of $5 million in tax credits per fiscal year from 2027 to 2037, with provisions for reallocating unused credits to subsequent years.

Additionally, the bill mandates the development of a preference rating system for project approval based on factors such as the need for affordable housing and access to infrastructure. It specifies that the tax credit cannot reduce a taxpayer's liability below zero and allows for the carry forward of unused credits for up to ten years. The Agency is also required to submit an annual report detailing the program's impact, including project locations and economic benefits. The act is set to take effect on July 1, 2026, and includes an emergency clause for immediate implementation upon passage.