Zero Emission Tax Credits to be Reviewed by State’s Evaluation Commission

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The Oklahoma group tasked with reviewing tax credits and their value as the state government wrestles with dwindling revenues meets Thursday to take up the issue of the Zero Emission Tax Credit.,

It will be one of the main items on the latest meeting of the Incentive Evaluation Commission.  The meeting agenda says thee will be discussion and possible action to modify the 2016 evaluation criteria for the Zero Emission credit.

The meeting will be held at 2 p.m. in Room 419-C of the State Capitol building.

In May, Gov. Mary Fallin signed two measures into law to reform tax incentives and credits available for the wind energy industry in the state. One measure, S.B. 498 by Sen. Mike Mazzei and Rep. Earl Sears phases out the current property tax exemption for wind farms. The other measure, S.B. 502 by Rep. Sears and Sen. Marty Quinn would make wind farms ineligible for a job creation tax credit now offered by the state.

As for the zero-emission tax credit, it will remain in effect until a full phase-out happens at the end of 2020.

“These bills will ensure we accomplish the dual goals of supporting an ‘all of the above’ energy strategy while delivering much-needed fiscal reform,” said Gov. Fallin in signing the measures into law.

 

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