The bill amends the Oklahoma Affordable Housing Act by increasing the limit on tax credits allocated for certain allocation years. Specifically, it raises the cap on Oklahoma Affordable Housing Tax Credits from Four Million Dollars ($4,000,000.00) for allocation years prior to July 1, 2026, to Eight Million Dollars ($8,000,000.00) for allocation years beginning on or after that date. Additionally, the bill updates statutory references and language, including the removal of outdated references to the Oklahoma Housing Finance Agency's rules under the Affordable Housing Tax Credit Program.

Furthermore, the bill stipulates that the Oklahoma Housing Finance Agency will issue eligibility statements for qualified projects, which must be placed in service after July 1, 2015, and clarifies that tax credits cannot reduce a taxpayer's liability to less than zero. It also includes provisions for the recapture of credits if federal low-income housing credits are recaptured and mandates a review of the Oklahoma Affordable Housing Act every five years by a committee appointed by state leaders. The act is set to take effect on November 1, 2026.

Statutes affected:
Introduced: 68-2357.403