Year 7 - Evaluation Schedule

Estimated Incentive Cost
$9.2 million (Tax Year 2020)

Program Type
Tax Credit

Citation
68 O.S. §2357.4

Industry
Various

Sunset
None Found

Review Year
7

The tax credit is available to manufacturers, aircraft maintenance facilities, and web search portal companies who either invest in depreciable property of at least $50,000 or create new jobs in the State. The tax credit is equal to one percent of the cost of the depreciable property or $500 per new employee, which may be claimed for five years. The credit is doubled if a company makes an investment of at least $40 million or is located in an Enterprise Zone.

Estimated Incentive Cost
$181,719 (Tax Year 2020)

Program Type
Tax Exemption

Citation
74 O.S. § 5064.7

Industry
Innovation

Sunset
None Found

Review Year
7

The New Products Development Income Tax Exemption was established in 1987. The incentive offers an income tax exemption to both inventors and manufacturers of new products developed in the State. An inventor can exempt royalty payments for up to seven years, as long as the new product is manufactured in the State. The manufacturer producing the product in Oklahoma is able to exclude from state taxable income 65 percent of the cost of depreciable property purchased in order to manufacture the product, up to $500,000.

Estimated Incentive Cost
$4,500,000 (2021)

Program Type
Tax Credit

Citation
68 O.S. § 2357.403

Industry
Residential Housing

Sunset
None Found

Review Year
7

Allocates $4 million per year in state low-income housing tax credits equal to the federal low-income housing tax credits for qualified projects placed in service after July 1, 2015. Credits are distributed twice annually by the Oklahoma Housing Finance Agency. State credits under the program are used to (1) raise private equity to finance affordable housing for families and seniors; and (2) provide affordable rent for low-to-moderate income Oklahomans (typically those earning 60 percent or less of the area median income ). Credits are claimed annually over a 10-year period (beginning when the building is placed in service), are nonrefundable, and can be carried forward for two years. The state tax credit program generally mirrors the federal low-income housing tax credit program.

Estimated Incentive Cost
$2,750,000 (2022)

Program Type
Grant/Reimbursable

Citation
74 O.S., Section 5060.2, 74 O.S., Section 5060.19, 74 O.S., Section 5060.4

Industry
Various technology

Sunset
None Found

Review Year
7

Allocates $4 million per year in state low-income housing tax credits equal to the federal low-income housing tax credits for qualified projects placed in service after July 1, 2015. Credits are distributed twice annually by the Oklahoma Housing Finance Agency. State credits under the program are used to (1) raise private equity to finance affordable housing for families and seniors; and (2) provide affordable rent for low-to-moderate income Oklahomans (typically those earning 60 percent or less of the area median income ). Credits are claimed annually over a 10-year period (beginning when the building is placed in service), are nonrefundable, and can be carried forward for two years. The state tax credit program generally mirrors the federal low-income housing tax credit program.

Estimated Incentive Cost
$2,500,000 (2022)

Program Type
Grant/Reimbursable

Citation
74 O.S., Sections 5046 - 5055

Industry
Health

Sunset
None Found

Review Year
7

Allocates $4 million per year in state low-income housing tax credits equal to the federal low-income housing tax credits for qualified projects placed in service after July 1, 2015. Credits are distributed twice annually by the Oklahoma Housing Finance Agency. State credits under the program are used to (1) raise private equity to finance affordable housing for families and seniors; and (2) provide affordable rent for low-to-moderate income Oklahomans (typically those earning 60 percent or less of the area median income ). Credits are claimed annually over a 10-year period (beginning when the building is placed in service), are nonrefundable, and can be carried forward for two years. The state tax credit program generally mirrors the federal low-income housing tax credit program.

Estimated Incentive Cost
$6,300,000 (FY2021)

Program Type
Closing Fund

Citation
62 O.S.§48.2

Industry
Various

Sunset
None Found

Review Year
7

Allocates $4 million per year in state low-income housing tax credits equal to the federal low-income housing tax credits for qualified projects placed in service after July 1, 2015. Credits are distributed twice annually by the Oklahoma Housing Finance Agency. State credits under the program are used to (1) raise private equity to finance affordable housing for families and seniors; and (2) provide affordable rent for low-to-moderate income Oklahomans (typically those earning 60 percent or less of the area median income ). Credits are claimed annually over a 10-year period (beginning when the building is placed in service), are nonrefundable, and can be carried forward for two years. The state tax credit program generally mirrors the federal low-income housing tax credit program.

Estimated Incentive Cost
$2.8 million (2022)

Program Type
Equity Investment

Citation
74 O.S. §5060.21

Industry
Technology Start-up Companies

Sunset
None Found

Review Year
7

Allocates $4 million per year in state low-income housing tax credits equal to the federal low-income housing tax credits for qualified projects placed in service after July 1, 2015. Credits are distributed twice annually by the Oklahoma Housing Finance Agency. State credits under the program are used to (1) raise private equity to finance affordable housing for families and seniors; and (2) provide affordable rent for low-to-moderate income Oklahomans (typically those earning 60 percent or less of the area median income ). Credits are claimed annually over a 10-year period (beginning when the building is placed in service), are nonrefundable, and can be carried forward for two years. The state tax credit program generally mirrors the federal low-income housing tax credit program.

Estimated Incentive Cost
$5,243,609 (Tax Year 2019)

Program Type
Income Tax Exemption

Citation
74 O.S. §5078, 68 O.S. §2359.E

Industry
Small Business

Sunset
None Found

Review Year
7

Allocates $4 million per year in state low-income housing tax credits equal to the federal low-income housing tax credits for qualified projects placed in service after July 1, 2015. Credits are distributed twice annually by the Oklahoma Housing Finance Agency. State credits under the program are used to (1) raise private equity to finance affordable housing for families and seniors; and (2) provide affordable rent for low-to-moderate income Oklahomans (typically those earning 60 percent or less of the area median income ). Credits are claimed annually over a 10-year period (beginning when the building is placed in service), are nonrefundable, and can be carried forward for two years. The state tax credit program generally mirrors the federal low-income housing tax credit program.

Estimated Incentive Cost
$1.0 million (2020 – no appropriation since 2020)

Program Type
Equity Investment

Citation
74 O.S. §5060.20a

Industry
Miscellaneous Technology

Sunset
None Found

Review Year
7

Allocates $4 million per year in state low-income housing tax credits equal to the federal low-income housing tax credits for qualified projects placed in service after July 1, 2015. Credits are distributed twice annually by the Oklahoma Housing Finance Agency. State credits under the program are used to (1) raise private equity to finance affordable housing for families and seniors; and (2) provide affordable rent for low-to-moderate income Oklahomans (typically those earning 60 percent or less of the area median income ). Credits are claimed annually over a 10-year period (beginning when the building is placed in service), are nonrefundable, and can be carried forward for two years. The state tax credit program generally mirrors the federal low-income housing tax credit program.

Estimated Incentive Cost
N/A

Program Type
Tax Exemption

Citation
68 O.S. § 2358 [C]

Industry
Technology, small business

Sunset
None Found

Review Year
7

Allocates $4 million per year in state low-income housing tax credits equal to the federal low-income housing tax credits for qualified projects placed in service after July 1, 2015. Credits are distributed twice annually by the Oklahoma Housing Finance Agency. State credits under the program are used to (1) raise private equity to finance affordable housing for families and seniors; and (2) provide affordable rent for low-to-moderate income Oklahomans (typically those earning 60 percent or less of the area median income ). Credits are claimed annually over a 10-year period (beginning when the building is placed in service), are nonrefundable, and can be carried forward for two years. The state tax credit program generally mirrors the federal low-income housing tax credit program.