SB502 Summary

• Amends Oklahoma tax code Section 2357.4 to clarify language regarding tax credits for investment in depreciable property or job creation in manufacturing, aircraft maintenance, or web search portal operations.

• Restricts use of investment and job creation tax credits beginning January 1, 2017, except for credits earned from qualifying investments or job creation occurring before that date.

• Prohibits tax credits for electric power generation by wind (NAICS No. 221119) beginning January 1, 2017, while allowing continued use of credits previously earned from wind energy investments.

• Maintains existing credit structures: credits based on property investment (1% or 2% depending on investment threshold) or per-employee amounts ($500 or $1,000 depending on investment threshold), allowable over four years with carryover periods up to 20 years.

• Becomes effective January 1, 2017.