Oklahoma SB1393 creates the RESTORE Program, offering income tax credits for adaptive reuse projects on obsolete structures.
Oklahoma SB1393 establishes the Revitalizing Empty Structures Through Ownership, Renovation, and Enterprise (RESTORE) Program. This program provides income tax credits for qualified expenditures on adaptive reuse projects of obsolete structures. Credits are available for expenses such as environmental remediation, building code compliance, and efficiency upgrades. The Oklahoma Housing Finance Agency and the Oklahoma Tax Commission administer the program, with a cap of $5,000,000 per fiscal year from 2027 to 2037.
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