Library filed under Taxes & Subsidies from Oklahoma

Lawmakers take aim at wind energy subsidy

Senate Bill 888 would not abolish zero emission tax credits, but would make them no longer refundable. That means wind companies could still use the income tax credits to offset taxes they might owe. However, once that tax liability goes down to zero, they would no longer be able to turn the remaining tax credits back to the Tax Commission and receive 85 cents on the dollar from the state treasury.
29 Apr 2018

House votes to pull wind energy tax incentive

SB 888 eliminates the refundability of tax credits for renewable energy generation. The state stopped issuing new credits several years ago, and the state is already scheduled to phase out the program altogether by 2027. Zeroing out the refundability feature could save the state as much as $750 million from 2020, when SB 888 takes effect, until 2027, Coody said.
26 Apr 2018

Political rivals strike deal on wind power tax

What is known so far is that the deal would place a $1 per megawatt hour tax on the production of wind energy, but only for new projects. The proposal also will include what's been dubbed "section nine," a guarantee that the gross production tax will expire if a future Legislature tries to eliminate or cap the industry's incentives.
20 Apr 2018

Wind blows a hold in Oklahoma Budget

If the state has been reimbursing county school districts for wind’s ad valorem taxes, then this has not expanded the total funds to school districts at all; it has just forced the state to transfer dollars from the General Revenue Fund that otherwise would have been earmarked for school districts across the state to those rural districts near wind facilities. Robbing Peter to pay Paul does nothing to help education.
26 Mar 2018

Anti-Wind Bills Prompt Predictions of Lawsuits, Bankruptcies and More Broken Promises

Yates said the legislators don’t understand that the tax credits were built into the business models when the wind industry companies won state approval to build wind farms in Oklahoma. “These projects are not profitable for the first 12 years of existence,” he explained. The Wind Coalition leader said for the state to go back and change the rules “of the game so dramatically after these projects are already up and spinning, the investment is there and now to go back in and change is devastating.”
4 Mar 2018

Assessment upheld in wind farm hearing

[T]he initial assessment for their property was valued at around $187 million which the company is required to pay taxes on to the county. Following an informal protest a second assessment to about $177 million. Now the company is asking for the value to be lowered to around $60 million. ...The Excise Board ruled against Taloga Wind and upheld the second assessment.
28 Jul 2017

The coming threat from US wind states

Events in Oklahoma have raised concerns over states’ readiness to continue subsidy support in an era of budget cutbacks and fiscal constraints, while potential trouble is also brewing in California, Iowa and Texas, suggesting that the industry’s ability to lobby effectively on crucial issues will soon be put to the test.
10 May 2017

Wind companies should pay sales tax

A simple way to make up some of that shortfall is for wind developers to pay sales tax on their purchases, just like nearly everyone else in Oklahoma. Each new wind turbine, which is manufactured somewhere else and shipped into Oklahoma, could net the state about $90,000 in sales tax revenue.
7 May 2017

http://www.windaction.org/posts?location=Oklahoma&topic=Taxes+%26+Subsidies
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