Oklahoma SB627 authorizes building standards for storm shelters in multiunit housing and establishes a tax credit for related expenditures.
Oklahoma SB627 mandates the Oklahoma Uniform Building Code Commission to set standards for storm shelters in multiunit housing developments, ensuring they meet Federal Emergency Management Agency recommendations. The bill also establishes a tax credit for expenditures on storm shelters in both single-family residences and multi-family housing units. The credit is 25% of the expenditures, with a maximum of $500,000 per tax year. Unused credits can be carried forward for up to five years for business entities.
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