OK SB1582

Limits total tax credits authorized under Section 2357.4 to $25,000,000 annually for tax years beginning January 1, 2016, through December 31, 2018.

Requires the Oklahoma Tax Commission to calculate and publish an annual percentage reduction for all credits so total credits used do not exceed $25,000,000 per year, using the formula: $25,000,000 divided by credits used in the second preceding year.

Allows excess credits over $25,000,000 in any calendar year to be factored into the percentage adjustment formula for subsequent years.

Applies the credit limit adjustment only to tax years 2016-2018; credits from investments after January 1, 2016, related to electric power generation by wind are prohibited beginning January 1, 2017.

Became effective November 1, 2016.