Last DSIRE Review: 07/03/2012
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. |
| Maximum Incentive: | Not specified |
| 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 may be carried forward up to ten years. |
| Start Date: | 01/01/03 |
| Expiration Date: | 12/31/2015 |
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:
Note: No credits will be paid during 2011 for electricity produced from July 1, 2010 - June 30, 2011. But any credits that accrue during that time period will be paid during the 2012 tax year.
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 one megawatt (1 MW) or greater. (The initial legislation required a 50 MW minimum capacity, but HB 1174 of 2006 reduced the minimum to 1 MW.) The facility must be placed in operation after June 4, 2001, and the electricity must be sold to an unrelated party.
The amount of the credit varies depending on when the electricity is generated (see below) and 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 (after June 4, 2001).
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.
Facilities placed in operation on or after January 1, 2003 and 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 seventy-five one hundredths of one cent ($0.0075) for each kilowatt-hour of electricity generated. For electricity generated after January 1, 2004, but prior to January 1, 2007, the amount of the credit is $0.0050/kWh. For electricity generated after January 1, 2007, but prior to January 1, 2012, the amount of the credit is $0.0025/kWh.
Facilities placed in operation on or after January 1, 2007 and before January 1, 2016:
For electricity generated by these zero-emission facilities, the amount of the credit is $0.0050/kWh.
The tax credit is freely transferable at any time during the ten 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. To claim this credit, applicants must complete Tax Form 511CR, Schedule for Other Credits. |
