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