A state panel that reviews the effectiveness of economic tax incentives in Oklahoma is recommending the repeal of at least one energy tax credit.
The Oklahoma Incentive Evaluation Commission voted in a recent meeting to urge repeal of the Energy Efficient Residential Construction Tax Credit. The vote was 5-0.
The Commission also voted to recommend repealing the Quality Jobs Investment Program and the New Products development Income Tax Exemption.
The panel, created by the legislature in 2015 also urged lawmakers to overhaul another credit program that has $557 million in liabilities. It is the Investment/New Jobs Tax Credit which offers some businesses 5 percent of capital investments of at least $40 million or $2,500 per new employee over a five-year period.
As noted in a letter from the Commission members, eleven incentives were evaluated.
“The commission took into consideration all public comments received at the November meeting before deciding the final vote to retain, repeal or modify incentives under review,” stated the letter sent to Gov. Mary Fallin, President Pro Tempore Greg Treat and House Speaker Charles McCall.
The Commission received evaluation reports on facts and findings made by Public Financial Management, Inc., a firm contracted to review public sector finances. The recommendations were received in October and a public hearing took place in November.
Members of the commission include: chairman Lyle Roggow, Vice-Chairman Carlos Johnson, Ron Brown, Dr. Cynthia Rogers, Jim Denton, Steve Burrage, Denise Northrup and Deby Snodgrass.
