Wind tax credits are eliminated

Governor Mary Fallin has signing House Bill 2298, which was authored by Speaker Charles McCall (R-22), and Senate President Pro Tempore Mike Schulz (R-38) and passed the Senate 40-3. This legislation would sunset the tax credits for the wind industry on July 1, 2017.

“With the support of the zero emissions tax credit, our state has become a national leader in wind energy,” Fallin said. “Currently, Oklahoma ranks third in the nation in total installed wind capacity, with nearly 7,000MW in the ground. This accounts for more than 25 percent of the state’s electricity generation mix, and is an important contributor to Oklahoma having the lowest cost of electricity in the nation.

“The zero emissions tax credit was key to the growth of wind energy in Oklahoma, and I’m grateful to the industry for their ambitious successes, as well as their willingness to work with the state to address our challenging budgetary circumstances.”

“The zero-emissions tax credit did what it was supposed to do—help the wind industry get off the ground in Oklahoma,” said Senate President Pro Tempore Mike Schulz. “The state is facing extraordinary budget challenges, and we can no longer afford the zero-emissions tax credit. This measure provides certainty to the wind industry and stability in the long-term for the state budget.”