OK SB1620

Amends income tax credit provisions for zero-emission facilities by changing the qualification period end date from January 1, 2021 to January 1, 2019, and prohibits new credits for facilities placed in operation on or after January 1, 2019.

Establishes an annual cap on direct refunds of tax credits beginning with tax year 2017, limiting the total amount refunded each calendar year to the dollar amount actually refunded in tax year 2015.

Requires the Oklahoma Tax Commission to annually calculate and publish a percentage reduction to credits to ensure total direct refunds do not exceed the annual cap, using a formula that divides the cap by the prior year's refunded credits.

Permits excess credits over the annual cap to be factored into the percentage adjustment formula for subsequent years to account for cumulative overages.

Becomes effective November 1, 2016.