HB 2049 Summary

• Reduces the tax credit for electricity generated by zero-emission facilities placed in operation between January 1, 2007, and January 1, 2021, from $0.0050 to $0.0040 per kilowatt-hour for electricity generated on or after January 1, 2014.

• Allows taxpayers to elect a direct refund from the Oklahoma Tax Commission for credits generated on or after January 1, 2014, instead of carrying forward unused credits, with the Tax Commission required to process refunds within 60 days or pay 1.25% monthly interest.

• Prohibits pass-through entities from allocating credits generated on or after January 1, 2014, to shareholders, partners, or members.

• Refunds received by taxpayers are exempt from state income tax under Section 2355.

• Limits credit transferability to a ten-year period and modifies the effective date to January 1, 2014.