The Latest: Governor signs bill to end wind tax credits
OKLAHOMA CITY (AP) - The Latest on legislation that would end wind energy tax credits in Oklahoma (all times local):
1:50 p.m.
Oklahoma Gov. Mary Fallin hailed the state as an energy leader Monday after signing into a law a bill that will end a state tax credit for electricity generated from wind.
In this Thursday, April 13, 2017 photo, a truck drives by wind turbines near Okarche, Okla. Gov. Mary Fallin is expected to sign legislation Monday, April 17, that rolls back a 10-year tax credit for electricity generated by zero-emission facilities, an incentive for wind power generators as well as geothermal, solar and hydropower producers that's been in place since 2003. (AP Photo/Sue Ogrocki)
The measure changes the date that zero-emission facilities must be in operation to qualify for the credit to July 1, instead of by 2021. It's one of several revenue proposals under consideration as lawmakers struggle to close an estimated $868 million budget shortfall.
Fallin said the credit was key to growth of the wind energy in Oklahoma. She thanked the industry for its ambition and willingness to work with the state through budget problems.
But fiscal analysts say closing the credit will have no short-term impact on state tax collections.
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1:15 p.m.
Oklahoma Gov. Mary Fallin has signed into law legislation that will end a state tax credit for electricity generated from wind.
The governor's office announced Fallin had signed the bill Monday. The tax credit has helped propel Oklahoma to third in the nation in its capacity to generate electricity from wind.
The measure changes the date that zero-emission facilities must be in operation to qualify for the credit to July 1, instead of by 2021. It's one of several revenue proposals under consideration as lawmakers struggle to close an estimated $868 million budget shortfall.
Fiscal analysts say closing the credit will have no short-term impact on state tax collections.
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9:45 a.m.
A state tax credit that has helped propel Oklahoma to third in the nation in its capacity to generate electricity from wind is expected to end soon.
Gov. Mary Fallin has indicated she will sign legislation that will roll back a 10-year tax credit for electricity generated by zero-emission facilities. It's an incentive for wind power generators as well as geothermal, solar and hydropower producers that's been in place since 2003.
The measure changes the date that zero-emission facilities must be in operation to qualify for the credit to July 1, instead of by 2021. It's one of several revenue proposals under consideration as lawmakers struggle to close an estimated $868 million budget shortfall.
But fiscal analysts say closing the credit will have no short-term impact on state tax collections.