Oklahoma House votes to roll back tax credit for wind energy

OKLAHOMA CITY (AP) - The Oklahoma House has approved legislation to roll back a state tax credit for the wind energy industry.

The House passed the bill Thursday by a vote of 74-24 and sent it to the Senate for consideration.

The bill modifies the tax credit for electricity generated by zero-emission facilities like wind turbines. It says facilities must be in operation by July 1 in order to qualify for the credit, instead of the current deadline of Jan. 1, 2021.

Gov. Mary Fallin proposed eliminating the wind tax credit to increase revenue amid a projected $868 million budget shortfall next year. The tax credit will cost $40 million this year and will average $60 million a year over the next 15 years.

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House Bill 2298: https://bit.ly/2n4j7gg