OK HB2689

Tax credits computed for tax years beginning January 1, 2017 through December 31, 2018 shall be reduced by 25% of the amount otherwise allowable, with this reduction provision expiring January 1, 2019

Affected credits include: insurance premium tax home office credit, manufacturing investment/job creation credits, Oklahoma-mined coal credits, zero-emission electricity generation credits, clean-burning motor vehicle fuel credits, historic rehabilitation credits, and aerospace engineer credits

Credits carried forward from tax years prior to January 1, 2017 are exempt from the 25% reduction and may be claimed at full value

Beginning January 1, 2017, investment/job creation tax credits for wind power generation (NAICS No. 221119) are no longer allowed for new facilities

Legislature required to review impact of credit reductions on taxpayers, state revenue, and economic effects to determine whether reductions will continue for future tax years