Legislators ready to cut wind energy tax credits

OKLAHOMA CITY (AP) – The Legislature is set to rein in wind industry tax credits that cost the state tens of millions of dollars each year, but the proposed changes will have no impact on the state budget for years.

Senate Finance Committee Chairman Mike Mazzei says a deal has been reached involving the wind industry, state officials and a group that opposes the tax credits.

Under the deal, a 5-year property tax exemption offered to wind farms would expire on Jan. 1, 2017, allowing time for several wind projects currently under construction to qualify for the credit. Mazzei says that exemption will cost the state about $44 million in the current fiscal year.

A separate investment jobs tax credit also will be eliminated, but a third credit for wind energy production will remain.