SB 498 Summary

• Creates the "David Dank Tax Incentive Reform Act of 2015" to amend exemptions for qualifying manufacturing concerns under 68 O.S. 2011, Section 2902

• Effective January 1, 2017, entities engaged in electric power generation by wind power are no longer eligible to qualify as manufacturing facilities and cannot receive ad valorem tax exemptions

• Prohibits any new applications for wind power generation exemptions filed on or after January 1, 2018

• Maintains existing ad valorem tax exemption provisions for traditional manufacturing facilities including aircraft repair, computer services, distribution centers, and automotive assembly operations

• Becomes effective January 1, 2016