SB 1968 Summary

• Amends the income tax credit for Oklahoma manufacturers of advanced small wind turbines for tax years 2003-2012.

• Removes outdated language regarding the credit amount for 2003-2004 and establishes a consistent $25.00 per square foot credit for rotor swept area in 2005-2012.

• Allows unused credits to be carried forward up to 10 years and transferred to other taxpayers with joint filing of transfer agreements with the Tax Commission.

• Permits taxpayers to treat the credit as a tax payment or prepayment on or after July 1 following the production year.

• Effective date: November 1, 2010.