SB 641 Summary

• Amends Oklahoma income tax law to clarify that a moratorium on zero-emission facility electricity generation credits began July 1, 2010, and ended June 30, 2011.

• Credits for electricity generated during the moratorium period (July 1, 2010 through June 30, 2011) cannot be claimed before the tax year beginning January 1, 2012, and cannot be used to file amended returns for prior years.

• Allows credits to be claimed beginning July 1, 2011, for any qualifying events, transactions, or acts occurring on or after July 1, 2010.

• Maintains existing tax credit rates ranging from $0.0025 to $0.0075 per kilowatt-hour depending on facility type and operational dates.

• Becomes effective November 1, 2017.