Oklahoma’s Incentive Evaluation Commission met on Wednesday afternoon to set its evaluation schedule, with several energy-related tax credits identified for review over the course of four years.
The Commission is expected to review at least 11 incentives this year and recommend whether each should be replaced, repealed or reformed before the start of the 2017 legislative session.
At Wednesday’s meeting, the Commission expressed its desire to immediately address tax credits with the greatest fiscal impact during the first year. This includes the $26 million credit for electricity generated by zero-emission facilities as well as the credit for manufacturers of advanced small wind turbines estimated at $178,690.
The Commission will utilize Public Financial Management as a vendor consultant during the evaluation process for the state’s tax incentives. Randall Bauer with PFM indicated that his firm will work closely with Austin-based TXP, Inc. for economic impact analysis.
Over $470 million in tax credits are scheduled for review over the next four years by the Commission, with over $40 million designated among the energy industry.