SB 501 Summary

• Amends the Oklahoma income tax credit for electricity generated by zero-emission facilities (wind, solar, geothermal, moving water) with minimum 1 megawatt capacity located in Oklahoma.

• Changes the credit expiration date for facilities placed in operation on or after January 1, 2007 from January 1, 2021 to January 1, 2016, with declining credit rates of $0.0050 to $0.0010 per kilowatt-hour depending on operation year.

• For credits generated on or after January 1, 2014, allows taxpayers to elect an 85% direct refund from the Oklahoma Tax Commission instead of carrying forward unused credits for 10 years.

• Establishes a $6,000,000 annual cap on total credits allowed for facilities placed in service on or after January 1, 2016, allocated on a first-come, first-served basis by the Tax Commission.

• Becomes effective November 1, 2015.