SB 343 Summary

• Extends coal-related tax credit expiration date from December 31, 2014, to December 31, 2021, for utilities and manufacturers burning Oklahoma-mined coal.

• Limits transferability of coal and coal production credits to December 31, 2013, preventing transfers of credits earned after that date.

• Allows unused coal and zero-emission facility credits earned on or after January 1, 2014, to be refunded to taxpayers at 85% of face value instead of only carried forward for five years.

• Extends zero-emission facility credit expiration from January 1, 2016, to January 1, 2021, and restricts transfer ability after a certain date while allowing 85% refunds for qualifying credits.

• Refund amounts and allocated credits are exempt from income tax, with pass-through entities able to allocate credits to shareholders, partners, or members if not claiming direct refund.