Revenue and taxation; affordable housing tax credit; effective date.

HB 2410 increases Oklahoma's annual cap for affordable housing tax credits from $4 million to $10 million per year for projects placed in service after July 1, 2015, through 2029, then reverts to $4 million annually after 2029. The bill links Oklahoma tax credits directly to federal low-income housing tax credits, requiring projects to qualify under federal standards and limiting total annual credits to the federal allocation. Developers of affordable housing projects and investors in these projects benefit by claiming tax credits against state taxes, provided they obtain an eligibility statement from the Oklahoma Housing Finance Agency. The credits cannot reduce tax liability below zero, must be claimed within two years, and are tied to federal credit recapture rules if federal credits are recaptured.