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STATE OF OKLAHOMA
1st Session of the 60th Legislature (2025)
SENATE BILL 627 By: Nice
AS INTRODUCED
An Act relating to storm shelters; authorizing
establishment of certain standards; establishing
certain tax credit; stating provisions for certain
tax credit; prohibiting certain use; authorizing
promulgation of rules; 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 1000.31 of T itle 59, unless
there is created a duplication in numbering, reads as follows:
The Oklahoma Uniform Building Code Commission is authorized to
establish standards for multiunit ho using development building
codes. Such standards shall include the installation of storm
shelters designed for protection and safety from tornadoes or
tornadic winds in such multiunit housing developments, built on or
after the effective date of this act, that meet recommendations set
by the Federal Emergency Management Agency. Such shelters shall
include, but not be limited to, a safe room built as part of and
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within real property, an in -ground shelter, or a prefabricated
shelter that is installed.
SECTION 2. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2357.417 of Title 68, unless
there is created a duplication in numbering, reads as follows:
A. For tax year 2026 and subsequent tax years, there shall be
allowed a credit against the tax imposed pursuant to Section 2355 of
Title 68 of the Oklahoma Statutes, for expenditures to purchase,
construct, and install a storm shelter designed for protection and
safety from tornadoes or tornadic winds includ ing, but not limited
to, a safe room built as part of and within an improvement to real
property, an in-ground shelter, and a prefabricated shelter that is
installed.
B. The credit authorized pursuant to subsection A of this
section shall be in the follow ing amount:
1. For expenditures to construct or install a storm shelter in
or at a single-family residence, twenty -five percent (25%) of
expenditures;
2. For expenditures to construct or install a storm shelter in
or at multi-family housing units that ha ve already been constructed
and placed into service, twenty -five percent (25%) of expenditures;
and
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3. For expenditures to construct or install a storm shelter in
or at multi-family housing units during the construction of the
units, twenty percent (20%) of expenditures.
C. For any taxpayer that is a business entity formed under t he
laws of any state, including limited and general partnerships,
corporations, and limited liability companies, the credit claimed
pursuant to the provisions of this section sha ll not exceed Five
Hundred Thousand Dollars ($500,000.00) in any tax year.
D. For any taxpayer that is a business entity formed under the
laws of any state, including limited and general partnerships,
corporations, and limited liability companies, the cre dit authorized
pursuant to the provisions of this section shall not be used to
reduce the income tax liability of the taxpayer to less than zero
(0). For individual taxpayers, if the credit allowed pursuant to
this section exceeds the tax imposed by Secti on 2355 of Title 68 of
the Oklahoma Statutes, the excess amount shall be refunded to the
taxpayer.
E. For any taxpayer that is a business entity formed under the
laws of any state, including limited and general partnerships,
corporations, and limited liab ility companies, if the amount of the
credit allowed pursuant to the provision s of this section exceeds
the income tax liability, the amount of credit not used in any tax
year may be carried forward, in order, to each of the five (5)
subsequent tax years.
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F. The credit authorized pursuant to this section shall be made
on a form prescribed by the Oklahoma Tax Commission. The Commission
may promulgate rules to prescribe procedures for documenting
expenditures that qualify for the credit pursuant to the prov isions
of this section.
SECTION 3. This act shall become effe ctive November 1, 2025.
60-1-1387 CN 1/14/2025 11:59:02 AM