Renewable-Energy Bill Approved By Oklahoma House
Posted on: Monday, 27 March 2006, 21:00 CST
By Journal Record Staff
Legislation providing tax breaks for Oklahoma industries using renewable energy has been approved by the state House of Representatives on a 73-20 vote.
House Bill 2469, by state Reps. James Covey, Bill Case and Joe Dorman, would amend state law to make production facilities with a rated production capacity of one megawatt or greater to be eligible for a tax credit.
This bill encourages the continued development of Oklahoma businesses that operate renewable energy facilities, which benefits rural Oklahoma through economic development and reduced energy prices for consumers, said Covey, D-Custer City.
The bill expands a law that went into effect in January 2003 providing an income-tax credit to producers of electric power using renewable energy resources from zero-emission energy facilities. Under current law, the zero-emission facility must have a rated production capacity of 50 megawatts or greater to qualify.
Renewable energy is the future and has the ability to power our society indefinitely, said Dorman, D-Rush Springs. The ultimate benefit for our citizens is that it isn't subject to sharp price changes like natural gas and oil.
Oklahoma has the potential to become the national leader in the production and usage of renewable energy resources if the Legislature is willing to provide incentives for in- state and out-of-state producers to operate here, Dorman said.
House Bill 2469 also makes permanent the credit amount of 0.0075 cent per kilowatt hour of electricity generated by the facility. The credits may be claimed over a 10-year period.
We need to do whatever we can to help Oklahoma businesses continue their great work in our state - and these tax breaks will help significantly. Hopefully, this bill will boost Oklahoma's economy by keeping current industries open and attracting other businesses to the state, said Case, R-Midwest City.
HB 2469 now moves to the Senate for a hearing.
Source: Journal Record - Oklahoma City
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