Governor Mary Fallin today signed two measures aimed at reforming tax incentives and credits currently available to the Oklahoma wind energy industry.
Senate Bill 498 phases out the current property tax exemption for wind facilities. SB 502 makes wind facilities ineligible for a job creation tax credit currently offered by the state. A zero emissions tax credit currently available to the wind industry will remain in place.
The governor said phasing out some – but not all – wind energy tax credits will reduce the fiscal burden on the state while still ensuring that Oklahoma’s wind energy industry continues to grow and thrive.
The Wind Coalition, a group of wind developers with a presence in Oklahoma, worked closely with legislators and the governor’s office to craft the final agreement.
“When these tax credits were originally conceived, they were meant to support a new and groundbreaking form of alternative energy,” said Fallin. “Today, Oklahoma’s wind industry is among the strongest in the nation and is an integral part of our power grid and our economy. Wind energy is here to stay. It no longer needs the same level of support and encouragement from the state.
SB 498 is authored by Sen. Mike Mazzei and Rep. Earl Sears, and SB 502 is authored by Sen. Marty Quinn and Sears.