Senate Bill 640 Summary

• Amends Oklahoma tax code Section 2357.32A to clarify the application of a moratorium on tax credits for electricity generated by zero-emission facilities (wind, solar, geothermal, moving water).

• Establishes that no credits may be claimed for activities occurring on or after the moratorium period beginning July 1, 2010, until the moratorium ended on June 30, 2011.

• Allows credits to be claimed beginning July 1, 2011, for events occurring on or after July 1, 2010, but restricts use of credits accrued during the July 1, 2010 through June 30, 2011 period to tax years beginning January 1, 2012 and later.

• Prohibits amended tax returns for years prior to January 1, 2012 from using credits that accrued during the moratorium period.

• Effective date: November 1, 2017.