Oklahoma Gov. Kevin Stitt signed legislation to clarify that the state low-income housing tax credit (LIHTC) allocation amount for an affordable housing property can be less than the federal LIHTC amount. S.B. 1685 clarifies that while a LIHTC property may receive an amount equal to the federal allocation, it also may receive a lesser amount. Oklahoma’s state LIHTC has a $4 million annual statewide cap.

The Novogradac Introduction to Low-Income Housing Tax Credits booklet provides an introduction to the LIHTC incentive, including the interaction of state and federal credits.