Storm shelters; authorizing certain building standards and establishing certain tax credit. Effective date.

SB 627 requires new multiunit housing developments in Oklahoma (built on or after November 1, 2025) to include storm shelters meeting FEMA safety standards, such as safe rooms or in-ground shelters. It creates a tax credit covering 20-25% of costs for installing these shelters in single-family homes, existing multi-family units, or new multi-family construction. Businesses can claim up to $500,000 annually in credits, with unused amounts carryable for five years, while individuals receive refunds for excess credits. The bill applies directly to homeowners, developers, and property owners constructing or retrofitting eligible housing.