Other States Tax Credits

Other States Tax Credits

Oklahoma Affordable Housing State Tax Credits

Oklahoma passed the Oklahoma Affordable Housing Tax Credit to incent developers to build low income housing projects. Also known as LIHTC, the credits are available to offset tax liabilities starting January 2016. The Oklahoma rules and program guidelines mirror Federal Low Income Housing Tax Credit laws found in Section 42 of the federal code.

Characteristics of Oklahoma Affordable Housing Credits:

  • All credits in Fund are one-year credits with a five-year carry forward.
  • Retaliatory Taxes: Credits are usable as an offset against any existing retaliatory taxes. Additionally, insurance companies using these credits to offset premium taxes will not trigger additional retaliatory taxes.
  • Recapture: Credits are subject to a ratable recapture over 10 years following the federal rules.

Credit Benefits:

  • Credits offset 100% income taxes for any taxpayer and insurance gross premiums taxes.
  • Affordable Housing/LIHTC projects under Federal Section 42 have an historically low rate of default over the last 20+ years.

States that offer Film Tax Credits

Many states offer transferable film credits for expenditures incurred in that state during the shooting and production of movies and other media. The following states sponsor film tax credit programs:

  • Connecticut
  • California
  • Florida
  • Illinois
  • Louisiana

  • Massachusetts
  • Missouri
  • New Jersey
  • Ohio

  • Pennsylvania
  • Puerto Rico
  • Rhode Island
  • West Virginia

States that offer Historic Tax Credits

Many states offer historic rehabilitation/preservation tax credits to spur interest in redeveloping historically significant projects that would otherwise be costlier, riskier, and harder to finance than new construction.   These projects may additionally be covered under Abandoned Building, Mill Rehabilitation, or other similar historic tax credit.  The following states offer transferrable historic tax credit programs:

  • Arkansas
  • Colorado
  • Connecticut
  • Delaware
  • Florida
  • Indiana
  • Iowa
  • Kansas
  • Kentucky
  • Louisiana

  • Maine
  • Maryland
  • Massachusetts
  • Michigan
  • Minnesota
  • Mississippi
  • Missouri
  • Montana
  • New Hampshire
  • New Mexico

  • New York
  • North Dakota
  • Ohio
  • Oklahoma
  • Rhode Island
  • Texas
  • Utah
  • Vermont
  • West Virginia
  • Wisconsin
For characteristics of film and historic credits in other states, please contact us.