SB 239 Summary

• Limits tax credits for zero-emission electricity generation to tax years 2003 through 2025, with moving water, solar, and geothermal credits expiring after December 31, 2021.

• Prohibits carrying forward unused credits to tax year 2026 or later, except credits remaining in the tenth year of carry forward or tax year 2025 (whichever occurs first) shall be refunded at 85%.

• Caps annual credits for moving water, solar, and geothermal resources at $500,000.00, with the Oklahoma Tax Commission adjusting the credit percentage annually to stay within the cap.

• Allows taxpayers who claim credits on or after July 1, 2019 to irrevocably elect not to receive a direct refund and instead carry forward credits for up to ten years.

• Becomes effective November 1, 2025.