A state senator from Tulsa says a tax credit for the wind industry that is costing the state more than $100 million annually poses a threat to the state budget and should be ended.
Outgoing Senate Finance Chairman Mike Mazzei made the comments Thursday during a meeting of the Incentive Evaluation Commission. The panel is exploring the costs and benefits of various tax credits and making suggestions to lawmakers on how they should be changed.
An independent consulting group hired to analyze various tax incentives also urged the Legislature to impose caps on the credit or accelerate the program’s end.
The state pays companies based on how much wind energy they produce. Payments have skyrocketed from $3.7 million in 2010 to more than $113 million in 2014.
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