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Update: legislation wiping out ad valorem exemption sails through Oklahoma House Of Representatives 

Credit:  by NAW Staff on Thursday 16 April 2015 | North American Windpower | www.nawindpower.com ~~

As expected, the Oklahoma House of Representatives voted 85-3 in favor of S.B.498, legislation that would eliminate the state’s current property tax exemption for wind developers.

S.B.498 – introduced by Rep. Earl Sears, R-District 11 – now heads to the Senate, which can either accept or reject the bill. With Senate approval, the bill would go to Gov. Mary Fallin, R-Okla. A rejection in the Senate means the bill would land in a conference committee.

Because the wind industry has willingly conceded S.B.498, The Wind Coalition says that Oklahoma’s legislative leaders have agreed to keep the state’s zero-emission tax credit – or more commonly referred to as the state’s production tax credit – intact until its full phaseout in 2020, allowing Oklahoma to retain a certain degree of competitiveness with neighboring wind-producing states.

Since 2003, the advocacy group notes, Oklahoma’s wind industry has become a major component of the state’s economic development portfolio with over $6 billion invested. With a minimum 20-year lifespan, wind industry-created jobs have resulted in over $340 million in wages. County governments and school districts receive over $40 million annually in sales and property tax revenue, and rural landowners receive $30 million each year in royalty payments. In addition, wind energy produces nearly 20% of Oklahoma’s electricity and provides commercial and residential customers with lower utility bills and long-term price stability.

Source:  by NAW Staff on Thursday 16 April 2015 | North American Windpower | www.nawindpower.com

This article is the work of the source indicated. Any opinions expressed in it are not necessarily those of National Wind Watch.

The copyright of this article resides with the author or publisher indicated. As part of its noncommercial educational effort to present the environmental, social, scientific, and economic issues of large-scale wind power development to a global audience seeking such information, National Wind Watch endeavors to observe “fair use” as provided for in section 107 of U.S. Copyright Law and similar “fair dealing” provisions of the copyright laws of other nations. Send requests to excerpt, general inquiries, and comments via e-mail.

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