{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2357.403","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2357.403","heading":"Oklahoma Affordable Housing Act","body":"A. This act shall be known and may be cited as the \"Oklahoma\n\nAffordable Housing Act\".\n\nB. As used in this section:\n\n1. \"Allocation year\" means the year for which the Oklahoma\n\nHousing Finance Agency allocates credits pursuant to this section;\n\n2. \"Eligibility statement\" means a statement authorized and\n\nissued by the Oklahoma Housing Finance Agency certifying that a\n\ngiven project qualifies for the Oklahoma Affordable Housing Tax\n\nCredit authorized by this section. The Oklahoma Housing Finance\n\nAgency, under Title 330, Oklahoma Housing Finance Agency, Chapter\n\n36, Affordable Housing Tax Credit Program Rules, shall promulgate\n\nrules establishing criteria upon which the eligibility statements\n\nwill be issued. The eligibility statement shall specify the amount\n\nof Oklahoma Affordable Housing Tax Credits allocated to a qualified\n\nproject. The Oklahoma Housing Finance Agency shall only authorize\n\nthe tax credits created by this section to qualified projects which\n\nare placed in service after July 1, 2015, but which shall not be\n\nused to reduce tax liability accruing prior to January 1, 2016;\n\n3. \"Federal low-income housing tax credit\" means the federal\n\ntax credit as provided in Section 42 of the Internal Revenue Code of\n\n1986, as amended;\n\n4. \"Oklahoma Affordable Housing Tax Credit\" means the tax\n\ncredit created by this section;\n\n5. \"Qualified project\" means a qualified low-income building as\n\nthat term is defined in Section 42 of the Internal Revenue Code of\n\n1986, as amended; and\n\n6. \"Taxpayer\" means a person, firm or corporation subject to\n\nthe tax imposed by Section 2355 of this title or an insurance\n\ncompany subject to the tax imposed by Section 624 or 628 of Title 36\n\nof the Oklahoma Statutes or other financial institution subject to\n\nthe tax imposed by Section 2370 of this title.\n\nC. For qualified projects placed in service after July 1, 2015,\n\nthe amount of state tax credits created by this section which are\n\nallocated to a project shall not exceed that of the federal low-\n\nincome housing tax credits for a qualified project. The total\n\nOklahoma Affordable Housing Tax Credits allocated to all qualified\n\nprojects for an allocation year shall not exceed Four Million\n\nDollars ($4,000,000.00). For purposes of this section, the \"credit\n\nperiod\" shall mean the period of ten (10) taxable years and \"placed\n\nin service\" shall have the same meaning as is applicable under the\n\nfederal credit program. Reallocated and rolled over credits will\n\ncount against the four-million-dollar limit of their original\n\nallocation year and not count against the limit of the year in which\n\nthey are allocated.\n\nD. A taxpayer owning an interest in an investment in a\n\nqualified project shall be allowed Oklahoma Affordable Housing Tax\n\nCredits under this section for tax years beginning on or after\n\nJanuary 1, 2016, if the Oklahoma Housing Finance Agency issues an\n\neligibility statement for such project, which tax credit shall be\n\nallocated among some or all of the partners, members or shareholders\n\nof the taxpayer owning such interest in any manner agreed to by such\n\npartners, members or shareholders. Such taxpayer may assign its\n\ninterest in the investment.\n\nE. An insurance company claiming a credit against state premium\n\ntax or retaliatory tax or any other tax imposed by Section 624 or\n\n628 of Title 36 of the Oklahoma Statutes shall not be required to\n\npay any additional retaliatory tax under Section 628 of Title 36 of\n\nthe Oklahoma Statutes as a result of claiming the credit. The\n\ncredit may fully offset any retaliatory tax imposed by Section 628\n\nof Title 36 of the Oklahoma Statutes.\n\nF. The credit authorized by this section shall not be used to\n\nreduce the tax liability of the taxpayer to less than zero ($0.00).\n\nG. Any credit claimed but not used in a taxable year may be\n\ncarried forward two (2) subsequent taxable years.\ntatutes - Title 68. Revenue and Taxation Page 900\n\ncredit may fully offset any retaliatory tax imposed by Section 628\n\nof Title 36 of the Oklahoma Statutes.\n\nF. The credit authorized by this section shall not be used to\n\nreduce the tax liability of the taxpayer to less than zero ($0.00).\n\nG. Any credit claimed but not used in a taxable year may be\n\ncarried forward two (2) subsequent taxable years.\n\nH. The owner of a qualified project eligible for the credit\n\nauthorized by this section shall submit, at the time of filing the\n\ntax return with the Oklahoma Tax Commission, an eligibility\n\nstatement from the Oklahoma Housing Finance Agency. In the case of\n\nfailure to attach the eligibility statement, no credit under this\n\nsection shall be allowed with respect to such project for that year\n\nuntil required documents are provided to the Tax Commission.\n\nI. If under Section 42 of the Internal Revenue Code of 1986, as\n\namended, a portion of any federal low-income housing credits taken\n\non a qualified project is required to be recaptured during the first\n\nten (10) years after a project is placed in service, the taxpayer\n\nclaiming Oklahoma Affordable Housing Tax Credits with respect to\n\nsuch project shall also be required to recapture a portion of such\n\ncredits. The amount of Oklahoma Affordable Housing Tax Credits\n\nsubject to recapture shall be proportionally equal to the amount of\n\nfederal low-income housing credits subject to recapture.\n\nJ. The Oklahoma Housing Finance Agency or the Oklahoma Tax\n\nCommission may require the filing of additional documentation\n\nnecessary to determine the accuracy of a tax credit claimed.\n\nK. The Oklahoma Affordable Housing Act shall undergo a review\n\nevery five (5) years by a committee of nine (9) persons, to be\n\nappointed three persons each by the Governor, President Pro Tempore\n\nof the Senate, and the Speaker of the House of Representatives.","path":["OK Code","Title 68"],"source_url":"https://www.oklegislature.gov/OK_Statutes/CompleteTitles/os68.pdf","current_through":"2026-08-14","vintage":"open-us-law v2026.08, retrieved 2026-09-14","retrieved_at":"2026-09-14T18:32:36Z","sha256":"2c3b20c341d62adec1219f74ab79344c74f7bf73fa0185a9a833552267da3808","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2357.401","next":"us-ok/okla.-stat.-tit.-68-68-2357.404"},"notice":"GroundRules: Original legal text. Not legal advice."}