HB 1667 Summary

• Amends Section 2902 of Title 68 (Oklahoma Statutes) to modify ad valorem tax exemptions for qualifying manufacturing facilities by adding provisions for wind power generation facilities.

• Wind power generation entities (NAICS code 221119) qualify for a five-year ad valorem tax exemption if they meet all other requirements and have either a net increase of at least $250,000 in annualized payroll or a net increase of at least $2,000,000 in capital improvements while maintaining or increasing payroll.

• Clarifies that the twelve-month unoccupied facility requirement applies only to initial exemption qualification, not to the four subsequent years of the five-year exemption period.

• Maintains existing exemption requirements including investment cost thresholds ($250,000 minimum), health benefits plan offerings within 180 days of employment, and payroll verification through the Oklahoma Employment Security Commission.

• Effective date: November 1, 2015.