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

HB 1477 creates a $2,000 refundable income tax credit for Oklahoma homeowners who own a qualifying single-family home (under 1,501 sq ft, built at least 50 years ago in an established neighborhood) for 4-8 years. To qualify, homeowners must have held the homestead exemption for the previous three tax years. The credit is fully refundable, meaning eligible taxpayers receive the full $2,000 as a cash refund directly from the state, even if they owe no income tax. This policy directly affects qualifying homeowners in established older neighborhoods, providing a direct financial benefit tied to long-term property ownership. The credit applies to tax years beginning January 1, 2026.