Oklahoma Senate panel approves rolling back wind tax credit
OKLAHOMA CITY – Legislation that rolls back a state tax credit for the wind energy industry has been approved by an Oklahoma Senate panel.
The Senate Committee on Appropriations on Wednesday voted 34-6 for the House-passed measure and sent it to the full Senate for consideration.
The bill modifies the tax credit for electricity generated by zero-emission facilities like wind turbines. It says facilities must be in operation by July 1 in order to qualify for the credit, instead of the current deadline of Jan. 1, 2021.
Gov. Mary Fallin has proposed eliminating the credit to increase revenue amid a projected $868 million budget shortfall next year. The tax credit will cost $40 million this year and will average $60 million a year over the next 15 years.