Oklahoma has enacted an exemption for non-profit 501(c)(3) organizations on the construction of affordable housing for low income residents. An exemption will be provided for sales of tangible personal property or services solely used for construction and remodeling projects to 501(c)(3) organizations that meet the following requirements:
“a. its primary purpose is to construct or remodel and sell affordable housing and provide homeownership education to residents of Oklahoma that have an income that is below one hundred percent (100%) of the Family Median Income guidelines as defined by the U.S. Department of Housing and Urban Development,
b. it conducts its activities in a manner that serves public or charitable purposes, rather than commercial purposes,
c. it receives funding and revenue and charges fees in a manner that does not incentivize it or its employees to act other than in the best interests of its clients, and
d. it compensates its employees in a manner that does not incentivize employees to act other than in the best interests of its clients”
(Oklahoma H.B. 1935, effective November 1, 2021)