Oklahoma

Oklahoma Low Income Housing Tax Credit Summary

• Credits offset 100% income taxes for any taxpayer and insurance gross premiums taxes.
• May be carried forward up to five years
• Credits are usable as an offset against any existing retaliatory taxes.  Additionally, an insurance company using these credits to offset premium taxes will not trigger additional retaliatory taxes.
• Credits are subject to a ratable recapture over 10 years following the federal rules.
• The credits are allocable through any entity taxable as a partnership.

Oklahoma Historic Tax Credit Summary

• Applicable against the Oklahoma income tax liability or Premium Tax liability.
• May offset 100% of a taxpayer’s liability.
• Excess credits carry forward for 10 years.
• Credits purchased in one year increments.
• Credits are not recapturable for the buyer/transferee.