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Oklahoma Legislation Would Make State LIHTC Refundable

Wednesday, January 18, 2023 - 12:45PM

A bill introduced in the Oklahoma state Senate would make the state’s low-income housing tax credit (LIHTC) refundable. S.B. 380 would take effect for tax year 2024 and subsequent years and would make the credit refundable if the credit authorized exceeds the tax owed by the taxpayer. The Oklahoma LIHTC matches the federal credit, with a statewide annual cap of $4 million.

The Novogradac Introduction to Low-Income Housing Tax Credits booklet provides insight into the basics of the LIHTC, including the interaction of state and federal credits.

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