Income tax credit; creating the RESTORE Act; providing credit for certain adaptive reuse projects. Effective date. Emergency.

Summary

The RESTORE Act lets owners of eligible, vacant structures claim a credit of up to 50% of qualified renovation costs when they turn the building into housing. Credits are limited to $5 million per fiscal year from 2027 through 2037, with unused amounts rolling forward. The program is run by the Oklahoma Housing Finance Agency and the Tax Commission.

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