Oklahoma 2025 Regular Session

Oklahoma House Bill HB1477 Compare Versions

Only one version of the bill is available at this time.

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28	28	STATE OF OKLAHOMA
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30	30	1st Session of the 60th Legislature (2025)
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32	32	HOUSE BILL 1477 By: Fugate
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38	38	AS INTRODUCED
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40	40	An Act relating to revenue and taxation; creating
41	41	income tax credit for owners of certain property;
42	42	defining terms; providing taxpayer to have qualified
43	43	for homestead exemption to be eligible for credit;
44	44	providing for credit to be fully refundable;
45	45	providing for codification; and providing an
46	46	effective date.
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52	52	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
53	53	SECTION 1. NEW LAW A new section of law to be codified
54	54	in the Oklahoma Statutes as Section 2357.701 of Title 68, unless
55	55	there is created a duplication in numbering, reads as follows:
56	56	A. As used in this section:
57	57	1. "Qualified property" means a single family home less than
58	58	one thousand five hundred one ( 1,501) square feet in size in an
59	59	established neighborhood that completed construction at least fifty
60	60	(50) years prior to the tax year for which the taxpayer is claiming
61	61	the credit pursuant to subsecti on B of this section; and
62	62	2. "Taxpayer" means a natural person.
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89	89	B. For taxable years beginning on or after January 1, 2026,
90	90	there shall be allowed as a credit against the tax imposed pursuant
91	91	to Section 2355 of Title 68 of the Oklahoma Statutes in the am ount
92	92	of Two Thousand Dollars ($2,000.00) for taxpayers who have owned a
93	93	qualified property for at least four (4) years, but not more than
94	94	eight (8) years. To be eligible to claim the credit, the taxpayer
95	95	must have qualified for the homestead exemption pursuant to Section
96	96	2889 of Title 68 of the Oklahoma Statutes for the three (3) tax
97	97	years preceding the tax year for which they are claiming the credit.
98	98	C. For credits generated pursuant to subsection B of this
99	99	section, but not used, on or after January 1, 2 026, the Oklahoma Tax
100	100	Commission shall refund, at the taxpayer 's election, directly to the
101	101	taxpayer one hundred percent (100%) of the face amount of such
102	102	credit. The amount of any direct refund of credits actually
103	103	received by the taxpayer pursuant to this paragraph shall not be
104	104	subject to the tax imposed by Section 2355 of Title 68 of the
105	105	Oklahoma Statutes.
106	106	SECTION 2. This act shall become effective November 1, 2025.
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108	108	60-1-10728 AO 01/14/25