Housing

This Oklahoma bill creates a tax credit program to encourage converting old, vacant buildings into housing. Property owners can claim up to 50% of qualified costs (like environmental cleanup, code upgrades, or system repairs) for adaptive reuse projects on structures at least 30 years old that have been vacant or underutilized (with rent below 50% of market rate). The program has a $5 million annual cap on approved credits, with unused funds carried forward to future years. Credits cannot reduce tax liability below zero but may be carried forward for up to 10 years. The Oklahoma Department of Commerce and Tax Commission will administer the program and prioritize projects based on local housing needs.

SB 275 would create the Oklahoma Workforce Housing Commission to develop strategies for expanding affordable housing options. It authorizes the existing Oklahoma Workforce Commission to implement specific reports and housing plans focused on increasing affordable housing access. The bill directly affects low-to-moderate income residents and housing providers by establishing a dedicated commission to coordinate housing initiatives. This proposal aims to increase housing availability through structured planning and implementation, rather than through new funding or regulations.