Oklahoma SB234 creates an income tax credit for qualified expenditures on adaptive reuse projects.
Oklahoma SB234 establishes the Adaptive Reuse Housing Development Program, administered by the Oklahoma Department of Commerce and the Oklahoma Tax Commission. The program provides an income tax credit for up to 50% of qualified expenditures on adaptive reuse projects. These projects involve obsolete structures at least 30 years old and vacant or underutilized for at least three years. The credit is not refundable and cannot reduce income tax liability below zero. The Department can approve up to $5,000,000 in credits per fiscal year, with unused amounts carried forward to subsequent years.
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