(Oklahoma City, OK) On Monday, Governor Kevin Stitt vetoed a bill that would cut tax credits for affordable housing to developers. House Bill 2760 was trying to reduce the amount of Oklahoma Affordable Housing Tax Credits by $4 to $2 million offered by the state.
Stitt’s office clarified that the administration has fielded calls from concerned Oklahomans concerned about the impact of the legislation. The effective date would have been retroactive, impacting projects currently under contract.
Per sources, local developers have stated that the legislation could in fact jeopardize projects already in the works as it would apply when the OHFA (Oklahoma Housing Finance Agency) considers its first round of projects later on in the month.
“I support and advocate for comprehensive tax policy reform in our State,” Stitt wrote. “We must have a larger conversation about overhauling Oklahoma’s tax policy toward diversification and long-term sustainability. However, during an economic downturn, we should not single out winners and losers, but tackle broad and meaningful reform.”
Legislators may try to overturn the Governor’s veto when they reconvene later this week including HB 2760, however the close vote in both chambers may make it difficult for them to overturn the governor’s veto.
