This bill establishes a new income tax credit for individuals who receive down payment or closing cost assistance through the Oklahoma Increased Housing Program. Starting from the tax year 2027, eligible individuals can claim a credit equal to the amount of assistance they received during that tax year against their income tax liability as imposed by Section 2355 of Title 68 of the Oklahoma Statutes.

Additionally, if the credit amount exceeds the taxpayer's tax liability, the excess will be refunded to the taxpayer, making the credit refundable. The bill is set to take effect on November 1, 2026, and aims to support individuals in accessing housing assistance more effectively.