SB 552 Summary

• Modifies tax credit for zero-emission electricity generation by extending the qualification period for facilities using moving water, sun, or geothermal energy to January 1, 2021 (from January 1, 2007), and wind facilities to July 1, 2017 (from January 1, 2007).

• Caps total annual tax credit claims at $15,000,000 beginning in fiscal year 2019 and each fiscal year thereafter, with the Tax Commission determining a proportional percentage if claims exceed this limit.

• Requires all credit claims to be filed before October 1 of any year for electricity generated during the prior tax year, with no claims accepted or paid after that deadline.

• For credits generated on or after January 1, 2014, allows taxpayers to elect an 85% direct refund from the Oklahoma Tax Commission instead of carrying forward unused credits.

• Effective July 1, 2017, with an emergency declaration for immediate implementation.