Revenue and taxation; income tax credit; qualified property; refundable tax credit; effective date.

HB 1477 creates a refundable $2,000 annual income tax credit for Oklahoma homeowners who own a single-family home under 1,501 square feet in an established neighborhood built at least 50 years ago. To qualify, homeowners must have owned the property for 4-8 years and met homestead exemption requirements for the three prior tax years. The credit is fully refundable, meaning any unused credit amount is paid directly to the taxpayer as a cash refund (not subject to income tax) starting with tax years beginning January 1, 2026. This policy directly affects long-term homeowners in older residential neighborhoods meeting specific property size and age criteria. The bill becomes effective November 1, 2025.