SB1394 • 2026

Income tax credit; providing credit equal to OHFA down payment and closing cost assistance. Effective date.

Taxes

Active

The official status still shows this bill as active or still awaiting another formal step.

Sponsor: Kirt
Last action: 2026-02-03
Official status: Second Reading referred to Revenue and Taxation Committee then to Appropriations Committee
Effective date: Not listed

Plain English Breakdown

Using official source text because the generated explanation was unavailable or could not be confirmed against the official bill text.

Income tax credit; providing credit equal to OHFA down payment and closing cost assistance. Effective date.

Income tax credit; providing credit equal to OHFA down payment and closing cost assistance.

What This Bill Does

Income tax credit; providing credit equal to OHFA down payment and closing cost assistance.
Effective date.
Bill Summaries/Fiscal Impact for SB 1394 (Senate): Introduced (12/31/2025) Fiscal Impact Statements For SB 1394 (Senate): SB1394 INT FI.PDF (Fiscal (Senate))

Limits and Unknowns

This entry is temporarily using official source text because the generated explanation could not be confirmed against the official bill text during the last sync.

Bill History

2026-02-03 Senate
Second Reading referred to Revenue and Taxation Committee then to Appropriations Committee
2026-02-02 Senate
First Reading
2026-02-02 Senate
Authored by Senator Kirt

Official Summary Text

Income tax credit; providing credit equal to OHFA down payment and closing cost assistance. Effective date.
Bill Summaries/Fiscal Impact for SB 1394 (Senate): Introduced (12/31/2025)
Fiscal Impact Statements For SB 1394 (Senate): SB1394 INT FI.PDF (Fiscal (Senate))

Current Bill Text

Read the full stored bill text

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STATE OF OKLAHOMA

2nd Session of the 60th Legislature (2026)

SENATE BILL 1394 By: Kirt

AS INTRODUCED

An Act relating to income tax credit; providing
credit for individuals who receive certain housing
assistance; prescribing credit amount; making credit
refundable; providing for codification; and providing
an effective date.

BE IT ENACTED BY THE PEOPLE OF THE STATE OF OKLAHOMA:
SECTION 1. NEW LAW A new section of law to be codified
in the Oklahoma Statutes as Section 2357.701 of Title 68, unless
there is created a duplication in numbering, reads as follows:
A. For tax year 2027 and subsequent tax years, there shall be
allowed against the tax imposed by Section 2355 of Title 68 of the
Oklahoma Statutes, a credit for any individual who receives down
payment or closing cost assistance provided by the Oklahoma
Increased Housing Program pursuant to Section 2903.3 of Title 74 of
the Oklahoma Statutes. The credit allowed shall be equal to the
amount of down payment and closing cost assistance received by the
individual during the applicable tax year.

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B. If the credit exceeds the tax imposed by Section 2355 of
Title 68 of the Oklahoma Statutes, the excess amount shall be
refunded to the taxpayer.
SECTION 2. This act shall become effective November 1, 2026.

60-2-3100 QD 12/30/2025 10:41:23 PM