{"data":{"id":"us-ok/okla.-stat.-tit.-68-68-2357.41","jurisdiction":"us-ok","citation":"Okla. Stat. tit. 68, § 68-2357.41","heading":"Tax credit for qualified rehabilitation expenditures -","body":"Certified historic structures.\n\nA. Except as otherwise provided by subsection I of this\n\nsection, for tax years beginning after December 31, 2000, there\n\nshall be allowed a credit against the tax imposed by Sections 2355\n\nand 2370 of this title or that portion of the tax imposed by Section\n\n624 or 628 of Title 36 of the Oklahoma Statutes that would otherwise\n\nhave been apportioned to the General Revenue Fund for qualified\n\nrehabilitation expenditures incurred in connection with any\n\ncertified historic hotel or historic newspaper plant building\n\nlocated in an increment or incentive district created pursuant to\n\nthe Local Development Act or for qualified rehabilitation\n\nexpenditures incurred after January 1, 2006, in connection with any\n\ncertified historic structure.\n\nB. The amount of the credit shall be one hundred percent (100%)\n\nof the federal rehabilitation credit provided for in Section 47 of\n\nTitle 26 of the United States Code. The credit authorized by this\n\nsection may be claimed at any time after the relevant local\n\ngovernmental body responsible for doing so issues a certificate of\n\noccupancy or other document that is a precondition for the\n\napplicable use of the building or structure that is the basis upon\n\nwhich the credit authorized by this section is claimed.\n\nC. All requirements with respect to qualification for the\n\ncredit authorized by Section 47 of Title 26 of the United States\n\nCode shall be applicable to the credit authorized by this section.\n\nD. If the credit allowed pursuant to this section exceeds the\n\namount of income taxes due or if there are no state income taxes due\n\non the income of the taxpayer, the amount of the credit allowed but\n\nnot used in any taxable year may be carried forward as a credit\n\nagainst subsequent income tax liability for a period not exceeding\n\nten (10) years following the qualified expenditures.\n\nE. All rehabilitation work to which the credit may be applied\n\nshall be reviewed by the State Historic Preservation Office which\n\nwill in turn forward the information to the National Park Service\n\nfor certification in accordance with 36 C.F.R., Part 67. A\n\ncertified historic structure may be rehabilitated for any lawful use\n\nor uses, including without limitation mixed uses and still retain\n\neligibility for the credit provided for in this section.\n\nF. The amount of the credit allowed for any credit claimed for\n\na certified historic hotel or historic newspaper plant building or\n\nany certified historic structure, but not used, shall be freely\n\ntransferable, in whole or in part, to subsequent transferees at any\n\ntime during the five (5) years following the year of qualification.\n\nAny person to whom or to which a tax credit is transferred shall\n\nhave only such rights to claim and use the credit under the terms\n\nthat would have applied to the entity by whom or by which the tax\n\ncredit was transferred. The provisions of this subsection shall not\n\nlimit the ability of a tax credit transferee to reduce the tax\n\nliability of the transferee regardless of the actual tax liability\n\nof the tax credit transferor for the relevant taxable period. The\n\ntransferor of the credit and the transferee shall jointly file a\n\ncopy of the written credit transfer agreement with the Oklahoma Tax\n\nCommission within thirty (30) days of the transfer. Such filing of\n\nthe written credit transfer agreement with the Oklahoma Tax\n\nCommission shall perfect such transfer. The written agreement shall\n\ncontain the name, address and taxpayer identification number of the\n\nparties to the transfer, the amount of credit being transferred, the\n\nyear the credit was originally allowed to the transferor, the tax\n\nyear or years for which the credit may be claimed, and a\n\nrepresentation by the transferor that the transferor has neither\n\nclaimed for its own behalf nor conveyed such credits to any other\n\ntransferee. The Tax Commission shall develop a standard form for\nof the\n\nparties to the transfer, the amount of credit being transferred, the\n\nyear the credit was originally allowed to the transferor, the tax\n\nyear or years for which the credit may be claimed, and a\n\nrepresentation by the transferor that the transferor has neither\n\nclaimed for its own behalf nor conveyed such credits to any other\n\ntransferee. The Tax Commission shall develop a standard form for\n\nuse by subsequent transferees of the credit demonstrating\n\neligibility for the transferee to reduce its applicable tax\n\nliabilities resulting from ownership of the credit. The Tax\n\nCommission shall develop a system to record and track the transfers\n\nof the credit and certify the ownership of the credit and may\n\npromulgate rules to permit verification of the validity and\n\ntimeliness of a tax credit claimed upon a tax return pursuant to\n\nthis subsection but shall not promulgate any rules which unduly\n\nrestrict or hinder the transfers of such tax credit.\n\nG. Notwithstanding any other provisions in this section, on or\n\nafter January 1, 2009, if a credit allowed pursuant to this section\n\nwhich has been transferred is subsequently reduced as the result of\n\nan adjustment by the Internal Revenue Service, Tax Commission, or\n\nany other applicable government agency, only the transferor\n\noriginally allowed the credit and not any subsequent transferee of\n\nthe credit, shall be held liable to repay any amount of disallowed\n\ncredit.\n\nH. As used in this section:\n\n1. “Certified historic hotel or historic newspaper plant\n\nbuilding” means a hotel or newspaper plant building that is listed\n\non the National Register of Historic Places within thirty (30)\n\nmonths of taking the credit pursuant to this section.\n\n2. “Certified historic structure” means a building that is\n\nlisted on the National Register of Historic Places within thirty\n\n(30) months of taking the credit pursuant to this section or a\n\nbuilding located in Oklahoma which is certified by the State\n\nHistoric Preservation Office as contributing to the historic\n\nsignificance of a certified historic district listed on the National\n\nRegister of Historic Places, or a local district that has been\n\ncertified by the State Historic Preservation Office as eligible for\n\nlisting in the National Register of Historic Places; and\n\n3. “Qualified rehabilitation expenditures” means capital\n\nexpenditures that qualify for the federal rehabilitation credit\n\nprovided in Section 47 of Title 26 of the United States Code and\n\nthat were paid after December 31, 2000. Qualified rehabilitation\n\nexpenditures do not include capital expenditures for nonhistoric\n\nadditions except an addition that is required by state or federal\n\nregulations that relate to safety or accessibility. In addition,\n\nqualified rehabilitation expenditures do not include expenditures\n\nrelated to the cost of acquisition of the property.\n\nI. No credit otherwise authorized by the provisions of this\n\nsection may be claimed for any event, transaction, investment,\n\nexpenditure or other act occurring on or after July 1, 2010, for\n\nwhich the credit would otherwise be allowable until the provisions\n\nof this subsection shall cease to be operative on July 1, 2012.\n\nBeginning July 1, 2012, the credit authorized by this section may be\n\nclaimed for any event, transaction, investment, expenditure or other\n\nact occurring on or after July 1, 2010, according to the provisions\n\nof this section. Any tax credits which accrue during the period of\n\nJuly 1, 2010, through June 30, 2012, may not be claimed for any\n\nperiod prior to the taxable year beginning January 1, 2012. No\n\ncredits which accrue during the period of July 1, 2010, through June\n\n30, 2012, may be used to file an amended tax return for any taxable\n\nyear prior to the taxable year beginning January 1, 2012.","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":"a27ac939cf5bc7d97a9531b13931084a781f836ca9044cea9eef047a3a9456c1","source_id":"us-ok","stale":false,"prev":"us-ok/okla.-stat.-tit.-68-68-2357.409","next":"us-ok/okla.-stat.-tit.-68-68-2357.42"},"notice":"GroundRules: Original legal text. Not legal advice."}