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Oklahoma

Oklahoma

Incentives/Policies for Renewables & Efficiency

Printable Version
Zero-Emission Facilities Production Tax Credit   

Last DSIRE Review: 08/08/2014
Program Overview:
State: Oklahoma
Incentive Type: Corporate Tax Credit
Eligible Renewable/Other Technologies: Solar Thermal Electric, Photovoltaics, Wind, Hydroelectric, Geothermal Electric
Applicable Sectors: Commercial
Amount:$0.0025/kWh - $0.0075/kWh for 10 years; amount varies depending on when the facility is placed in operation and when electricity is generated.
Eligible System Size:Facility must have a rated production capacity of 1 MW or greater.
Equipment Requirements:Facility construction and operation must not result in the creation of pollution or emissions harmful to the environment, pursuant to determination by the DEQ.
Carryover Provisions:Excess credit generated before 2014 may be carried forward up to 10 years. Credits generated after this time can be reimbursed to the taxpayer at 85% of face value or credits can be allocated to other entities.
Start Date:01/01/03
Expiration Date:12/31/2020
Authority 1:
Date Enacted:
Date Effective:
Expiration Date:
68 Okl. St. ยง 2357.32A
01/01/02, subsequently amended
01/01/03
12/31/2015
Summary:

For tax years beginning on or after January 1, 2003, a state income tax credit is available to producers of electric power using renewable energy resources from a zero-emission facility located in Oklahoma. The zero-emission facility must have a rated production capacity of 1 megawatt or greater. The facility must be placed in operation after June 4, 2001, and the electricity must be sold to an unrelated party.

Eligible Technologies

Eligible renewable energy resources include wind, moving water, sun, and geothermal energy. The construction and operation of the zero-emission facility must result in no pollution or emissions that are or may be harmful to the environment, as determined by the Department of Environmental Quality.

Tax Credit Amount

The amount of the credit varies depending on when the electricity is generated. Credits may be claimed for electricity generated on or after January 1, 2003, during a 10-year period following the date that the facility is placed in operation.

Facilities placed in operation before January 1, 2007:

For electricity generated on or after January 1, 2003, but prior to January 1, 2004, the amount of the credit is $0.0075 per kilowatt-hour (kWh) of electricity generated. For electricity generated after January 1, 2004, but prior to January 1, 2007, the amount of the credit is $0.0050 per kWh. For electricity generated after January 1, 2007, but prior to January 1, 2012, the amount of the credit is $0.0025 per kWh.

Facilities placed in operation on or after January 1, 2007:

For electricity generated on or after January 1, 2007, but prior to January 1, 2021, the amount of the credit is $0.0050 per kWh.

Process

To claim this credit, applicants must complete Tax Form 511CR, Schedule for Other Credits.

For credits generated before January 1, 2014, the tax credit is freely transferable at any time during the 10 years following the year of qualification. This includes transfers or sales from non-taxable entities to taxable entities and transfers or sales from one taxable entity to another. 

For credits generated on or after January 1, 2014, the Oklahoma Tax Commission can refund the taxpayer 85% of the face value of the tax credits at the taxpayer's request. The direct refund is available to all taxpayers including pass-through entities, but not nontaxable entities. Nontaxable entities will still be able to transfer or sell credits to taxable entities. If the taxpayer does not elect to receive a direct refund, excess credits can be allocated to one or more shareholders, partners, or members of the taxpayer entity.


 
Contact:
  Kylah McNabb
Oklahoma Department of Commerce
State Energy Office
900 N. Stiles St.
Oklahoma City, OK 73126
Phone: (405) 815-5249
Fax: (405) 605-2821
E-Mail: kylah_mcnabb@okcommerce.gov
Web Site: http://www.okcommerce.gov
 
  Information Specialist - OTC
Oklahoma Tax Commission
Post Office Box 26800
Oklahoma City, OK 73126-0800
Phone: (405) 521-3160
E-Mail: helpmaster@mailhost.oktax.state.ok.us
Web Site: http://www.oktax.state.ok.us
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.

While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.

Copyright 2013 - 2014 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.