Oklahoma Bill Would Increase State LIHTC Cap, Establish Sunset; Other Legislation Would Count Reallocated Credits Against Allocation Year
Legislation introduced in the Oklahoma House of Representatives would temporarily increase the annual statewide cap for the state low-income housing tax credit (LIHTC) incentive while also making the credit nonrefundable and establishing a sunset date. H.B. 3243 would increase the annual allocation amount from $4 million to $15 million through 2029 before reverting to $4 million until the credit’s proposed sunset date of Dec. 31, 2034. Another bill introduced in the Oklahoma Legislature, H.B. 4018, would require any state LIHTCs reallocated from a previous year to count against the annual cap of the year in which they are allocated.
State credits and other funding are topics at the Novogradac 2024 Affordable Housing Conference, May 2-3, in San Francisco.