SB 1442 Summary

• Amends Oklahoma income tax credit provisions for investment in qualified depreciable property and job creation in manufacturing operations, aircraft maintenance/manufacturing facilities, and web search portals.

• Reduces tax credits claimed for tax years beginning January 1, 2017 and later to 75% of the amount otherwise calculated under existing formulas (1% or $500 per employee for subsection A credits; 2% or $1,000 per employee for subsection B credits).

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

• Becomes effective January 1, 2017.