Revenue and taxation; expanding requirement for certain eligible qualifying projects placed in service after certain date. Effective date.

SB 923 modifies Oklahoma's Affordable Housing Tax Credit program to expand eligibility for projects placed in service after January 1, 2026. It increases the annual credit cap from $4 million to $15 million for 2026-2030 (reducing to $4 million after 2030) and requires qualifying projects to meet "workforce housing" standards - targeting households earning 60-120% of local median income. The bill also makes the tax credits nonrefundable (preventing tax liability from dropping below zero) and aligns Oklahoma's credit recapture rules with federal low-income housing tax credit requirements. This directly affects developers building affordable housing projects that meet the new workforce housing definition.