Oklahoma 2025 Regular Session

Oklahoma House Bill HB1580 Compare Versions

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

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27	27	STATE OF OKLAHOMA
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29	29	1st Session of the 60th Legislature (2025)
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31	31	HOUSE BILL 1580 By: Lawson
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37	37	AS INTRODUCED
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39	39	An Act relating to revenue and taxation; providing
40	40	income tax credits for builders who construct
41	41	eligible energy efficient residential pr operties;
42	42	defining terms; providing how often credits may be
43	43	claimed; providing for carry over; providing for
44	44	transferability of tax credits; providing for
45	45	codification; and providing an effective date .
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51	51	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
52	52	SECTION 1. NEW LAW A new section of law t o be codified
53	53	in the Oklahoma Statutes as Section 2357. 701 of Title 68, unless
54	54	there is created a duplication in numbering, reads as follows:
55	55	A. As used in this section:
56	56	1. "Eligible energy efficient residential property " means a
57	57	newly constructed residential property that is constructed in
58	58	Oklahoma and is completed on or after January 1, 2026; and
59	59	2. "Taxpayer" means a builder who constructed the eligible
60	60	energy efficient resi dential property, or if one or more taxpayer
61	61	qualifies as the builder, the pri mary contractor.
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87	87	B. For taxable years beginning on or after January 1, 2026,
88	88	there shall be allowed as a credit against the tax imposed pursuant
89	89	to Section 2355 of Title 68 of t he Oklahoma Statutes in the amount
90	90	of:
91	91	1. Two Thousand Dollars ($2,000.00) for any eligible energy
92	92	efficient residential property constructed and certified as meeting
93	93	the United States Environmental Protection Agency 's Energy Star
94	94	Homes program; and
95	95	2. Four Thousand Dollars ($4,000.00) for any eligible energy
96	96	efficient residential property constructed and certified as meeting
97	97	the United States Department of Energy's Zero Energy Ready Homes
98	98	program.
99	99	C. The credits provided for in subsection B of this section may
100	100	each only be claimed once by the taxpayer during the tax year when
101	101	the property was completed.
102	102	D. If the credits provided for in subsection B of this section
103	103	exceed the amount of income taxes due, or if the taxpayer does not
104	104	have Oklahoma income t ax liability on a particular tax year, the
105	105	amount of the each tax credit allowed, but not used in any tax year
106	106	may be carried over as a credit against subsequent tax liability for
107	107	a period not exceeding four (4) years following the completion of
108	108	the property.
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134	134	E. The earned credits provided for in subsection B of this
135	135	section, to the extent not previously utilized, shall be permitted
136	136	to be freely transferrable to subsequent transferees.
137	137	SECTION 2. This act shall become effective January 1, 2026.
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139	139	60-1-10966 AO 01/13/25