Oklahoma Senate kills bill that would have ended wind industry incentive early

OKLAHOMA CITY — The Oklahoma Senate on Monday killed a bill that would have ended a lucrative incentive given to wind farms.

Senate Bill 888, by Sen. Josh Brecheen, R-Coalgate, failed by a vote of 18-23 after securing House approval last week.

The bill, presented by Sen. Marty Quinn, R-Claremore, would have ended the refundability of zero-emission tax credits.

Under current law, electricity-generating companies earn the credits at a rate of a fraction of a cent per kilowatt-hour of electricity generated with no emissions, such as through wind, water, sun and geothermal sources, and can redeem them to reduce their state tax liability for 10 years. Companies can cash in credits to the tune of 85 percent of the face value of the tax credits.

Read more: http://www.tulsaworld.com/news/state/oklahoma-senate-kills-bill-that-would-have-ended-wind-industry/article_b55bf5cf-4d3a-50cb-a5c9-0ef41a2e9f5b.html