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53	53	STATE OF OKLAHOMA
54	54
55	55	1st Session of the 60th Legislature (2025)
56	56
57	57	SENATE BILL 627 By: Nice
58	58
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63	63	AS INTRODUCED
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65	65	An Act relating to storm shelters; authorizing
66	66	establishment of certain standards; establishing
67	67	certain tax credit; stating provisions for certain
68	68	tax credit; prohibiting certain use; authorizing
69	69	promulgation of rules; providing for codification;
70	70	and providing an effective date .
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75	75	BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
76	76	SECTION 1. NEW LAW A new section of law to be codified
77	77	in the Oklahoma Statutes as Section 1000.31 of T itle 59, unless
78	78	there is created a duplication in numbering, reads as follows:
79	79	The Oklahoma Uniform Building Code Commission is authorized to
80	80	establish standards for multiunit ho using development building
81	81	codes. Such standards shall include the installation of storm
82	82	shelters designed for protection and safety from tornadoes or
83	83	tornadic winds in such multiunit housing developments, built on or
84	84	after the effective date of this act, that meet recommendations set
85	85	by the Federal Emergency Management Agency. Such shelters shall
86	86	include, but not be limited to, a safe room built as part of and
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138	138	within real property, an in -ground shelter, or a prefabricated
139	139	shelter that is installed.
140	140	SECTION 2. NEW LAW A new section of law to be codified
141	141	in the Oklahoma Statutes as Section 2357.417 of Title 68, unless
142	142	there is created a duplication in numbering, reads as follows:
143	143	A. For tax year 2026 and subsequent tax years, there shall be
144	144	allowed a credit against the tax imposed pursuant to Section 2355 of
145	145	Title 68 of the Oklahoma Statutes, for expenditures to purchase,
146	146	construct, and install a storm shelter designed for protection and
147	147	safety from tornadoes or tornadic winds includ ing, but not limited
148	148	to, a safe room built as part of and within an improvement to real
149	149	property, an in-ground shelter, and a prefabricated shelter that is
150	150	installed.
151	151	B. The credit authorized pursuant to subsection A of this
152	152	section shall be in the follow ing amount:
153	153	1. For expenditures to construct or install a storm shelter in
154	154	or at a single-family residence, twenty -five percent (25%) of
155	155	expenditures;
156	156	2. For expenditures to construct or install a storm shelter in
157	157	or at multi-family housing units that ha ve already been constructed
158	158	and placed into service, twenty -five percent (25%) of expenditures;
159	159	and
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211	211	3. For expenditures to construct or install a storm shelter in
212	212	or at multi-family housing units during the construction of the
213	213	units, twenty percent (20%) of expenditures.
214	214	C. For any taxpayer that is a business entity formed under t he
215	215	laws of any state, including limited and general partnerships,
216	216	corporations, and limited liability companies, the credit claimed
217	217	pursuant to the provisions of this section sha ll not exceed Five
218	218	Hundred Thousand Dollars ($500,000.00) in any tax year.
219	219	D. For any taxpayer that is a business entity formed under the
220	220	laws of any state, including limited and general partnerships,
221	221	corporations, and limited liability companies, the cre dit authorized
222	222	pursuant to the provisions of this section shall not be used to
223	223	reduce the income tax liability of the taxpayer to less than zero
224	224	(0). For individual taxpayers, if the credit allowed pursuant to
225	225	this section exceeds the tax imposed by Secti on 2355 of Title 68 of
226	226	the Oklahoma Statutes, the excess amount shall be refunded to the
227	227	taxpayer.
228	228	E. For any taxpayer that is a business entity formed under the
229	229	laws of any state, including limited and general partnerships,
230	230	corporations, and limited liab ility companies, if the amount of the
231	231	credit allowed pursuant to the provision s of this section exceeds
232	232	the income tax liability, the amount of credit not used in any tax
233	233	year may be carried forward, in order, to each of the five (5)
234	234	subsequent tax years.
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286	286	F. The credit authorized pursuant to this section shall be made
287	287	on a form prescribed by the Oklahoma Tax Commission. The Commission
288	288	may promulgate rules to prescribe procedures for documenting
289	289	expenditures that qualify for the credit pursuant to the prov isions
290	290	of this section.
291	291	SECTION 3. This act shall become effe ctive November 1, 2025.
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293	293	60-1-1387 CN 1/14/2025 11:59:02 AM

Oklahoma 2025 Regular Session

Oklahoma Senate Bill SB627 Compare Versions