OKLAHOMA CITY – A bill to help address Oklahoma’s looming eviction crisis unanimously passed the House Appropriation & Budget Committee on Thursday with a vote of 23-0.
House Bill 1950, authored by Rep. José Cruz, D-OKC, provides landlords with a 100% tax credit for rental loss. The credit has a cap of $1,250 per taxpayer per year. It is retroactive for 2020 but would need to be renewed by the Legislature beyond 2022. Additionally, the property owner must show that the missed revenue claimed did not result in the eviction of a tenant.
“The pandemic has added financial burdens to landlords whose tenants have lost income,” Cruz said. “This credit doesn’t fix the problem, but it does provide some relief to property owners in a way that is also beneficial to the tenant.”
To ensure the credit doesn’t grow unmanageable, there is a 4,000 claimant cap on the legislation.
“This tax credit is a small thank you for looking out for Oklahoma families,” Cruz said. “Landlords have received the least assistance and many are average Oklahomans trying to make ends meet. This won’t make them whole, but it does offer some assistance.”