OK HB1370

Eliminates the transferability of six Oklahoma tax credits: coal production credits, zero-emission electricity facility credits, small wind turbine manufacturer credits, historic rehabilitation credits, energy-efficient residence construction credits, and railroad reconstruction credits

Removes insurance premium tax (Sections 624 and 628 of Title 36) and financial institutions tax (Sections 1803 and 2370 of Title 68) as eligible taxes against which these credits can be applied, limiting credits to income tax under Section 2355

Preserves existing rights for tax credits earned, transferred, or eligible for carryforward prior to January 1, 2013, allowing such credits to continue under the rules in effect when originally earned

Maintains existing carryforward periods (ranging from 4 to 10 years depending on the credit) for credits to be applied against future tax liability

Declared an emergency measure to take effect immediately upon passage and approval