Reauthorizes income tax credit for construction of energy efficient residential property in Oklahoma for certain tax years.
The bill amends the Oklahoma tax code to reauthorize an income tax credit for contractors who build energy efficient residential properties of 2,000 square feet or less. The credit applies to properties constructed and certified between January 1, 2006, and July 1, 2016, and for tax years 2025 and beyond. The credit amount is based on eligible expenditures, up to $2,000 for the contractor. If unused, the credit can be carried forward for up to four years. The credit is transferable to subsequent transferees for properties completed after December 31, 2005, but before July 1, 2012.
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