Zero-Emission Facilities Production Corporate Tax Credit

For tax years beginning on or after January 1, 2003, a state income tax credit is available to producers of electric power using renewable energy resources from a zero-emission facility located in Oklahoma. The zero-emission facility must have a rated production capacity of one megawatt (1 MW) or greater. Eligible renewable energy resources include wind, moving water, sun, and geothermal energy. The construction and operation of the zero-emission facility must result in no pollution or emissions that are or may be harmful to the environment, as determined by the Department of Environmental Quality. For electricity generated on or after January 1, 2003, but prior to January 1, 2004, the amount of the credit is $0.0075 for each kilowatt-hour of electricity generated. For electricity generated after January 1, 2004, but prior to January 1, 2007, the amount of the credit is $0.0050/kWh. For electricity generated after January 1, 2007, but prior to January 1, 2012, the amount of the credit is $0.0025/kWh. Facilities placed in service on or after January 1, 2007 and before January 1, 2016, the amount of the credit is $0.0050/kWh. The tax credit is freely transferable at any time during the ten years following the year of qualification. This includes transfers or sales from non-taxable entities to taxable entities and transfers or sales from one taxable entity to another. Contact: Oklahoma Department of Commerce, Community Affairs and Development, 900 North Stiles Avenue, Oklahoma City, OK 73126; 405-815-5249; Fax: 405-841-9377; http://okcommerce.gov/ or Information Specialist – OTC, Oklahoma Tax Commission, Post Office Box 26800, Oklahoma City, OK 73126-0800; 405-521-3160; http://www.oktax.state.ok.us/

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