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OK HB2247
Bill
Status
3/10/2009
Primary Sponsor
Mike Brown
Click for details
AI Summary
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Creates income tax credit for taxpayers installing wind and/or photovoltaic energy systems on residential or nonresidential property in Oklahoma, beginning January 1, 2010.
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Allows 40% tax credit on qualified system expenditures, with maximum 25% of credit amount claimable per year; unused credits carry forward for 10 years.
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Requires wind turbines to meet American Wind Energy Association standards and photovoltaic modules to meet U.S. Department of Energy or Solar Energy Industries Association standards; systems must have minimum 5-year warranty.
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Adds sales tax exemption for qualified wind and/or photovoltaic energy equipment eligible for the income tax credit.
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Declares emergency effective date: income tax credit provisions effective January 1, 2010; sales tax exemption effective July 1, 2009.
Legislative Description
Economic development; declaring legislative intent; providing tax credit for investments in a qualified economic development company; limiting amount of credit. Emergency.
Revenue and Taxation
Last Action
Enacting clause restored
5/27/2010