OKLAHOMA CITY — The Oklahoma Senate has given unanimous approval to a pair of bills that will end two separate tax subsidies for the wind industry in Oklahoma.
With no debate, the Senate on Friday approved one bill to eliminate a 5-year property tax exemption for wind manufacturers, starting in 2017. Because the state reimburses counties for the revenue lost from the exemption, the cost of the subsidy has skyrocketed with the expansion of wind farms in Oklahoma. It’s expected to cost the state about $44 million in the current fiscal year.
The bill now heads to the House for consideration.
The Senate also passed a bill that prohibits wind farms from qualifying for an investment/new jobs tax credit after January 2017. That measure now goes to the governor.