SB1393 Summary

• Amends Oklahoma tax credit provisions to shorten carryforward periods for credits earned after January 1, 2017 from four to five years down to three years for manufacturing, investment, rehabilitation, energy efficiency, and railroad credits.

• Prohibits tax credits for wind power generation (NAICS code 221119) beginning January 1, 2017, except for investments or job creation occurring before that date.

• Modifies carryforward rules for historic rehabilitation credits, reducing the period from ten years to three years for credits from tax years beginning on or after January 1, 2017.

• Changes energy-efficient residential property credit carryforward from four years to three years for credits allowed in tax years beginning on or after January 1, 2017.

• Becomes effective November 1, 2016.