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 in-ground or prefabricated shelters. It creates a tax credit covering 20-25% of costs for installing qualifying storm shelters in single-family homes, retrofitted multiunit housing, or new multiunit construction. Businesses claiming the credit are capped at $500,000 annually, while individuals may receive refunds for unused credits. The credit applies to tax years starting in 2026, with documentation requirements set by the Oklahoma Tax Commission.