Today, Gov. Mary Fallin signed legislation ending a pair of tax incentives used by wind energy developers. The bills will end the use of an exemption that has ballooned alongside the state’s booming wind industry.
The governor’s signature on Senate Bills 498 and 502 means companies building wind farms after 2016 won’t be eligible for a five-year property tax exemption and another incentive written for manufacturers pumping money into property or employees. The property tax exemption was popular with wind developers, who used it to claim thirty-two million dollars in 2013.
Mike Mazzei, the Tulsa Republican who authored that bill, says the legislation could save taxpayers half a billion dollars over ten years. Wind companies say incentives have helped fuel a turbine-building frenzy in Oklahoma, now ranked fourth in wind power capacity.
Even without the tax incentives, the wind industry says Oklahoma will continue to be competitive for new turbine projects.
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