HB2272 Summary

• Amends Oklahoma tax law to allow tax credits for electricity generated by zero-emission facilities (wind, water, solar, geothermal) with a rated capacity of at least 1 megawatt, placed in operation after June 4, 2001.

• Changes the eligibility end date for tax credits from January 1, 2021 to July 1, 2017, with credit rates ranging from $0.0075 to $0.0025 per kilowatt-hour depending on the facility's operation date.

• For credits generated on or after January 1, 2014, allows the Oklahoma Tax Commission to refund 85% of unused credits directly to taxpayers at their election, including pass-through entities.

• Implements a fiscal year cap of $7,000,000 beginning July 1, 2017, limiting the total amount of tax credits that may be used annually to reduce tax liability or paid as cash refunds, with excess credits nullified.

• Becomes effective July 1, 2017, with an emergency clause allowing immediate implementation upon passage and approval.