Report calls wind industry tax credits overly generous
The Associated Press and The Oklahoman (http://www.newsok.com ) - November 7, 2016 9:06 am
OKLAHOMA CITY (AP) – A new report says an Oklahoma tax credit that provides millions of dollars to the wind industry is overly generous and should be trimmed sooner than planned.
The Oklahoman reports the report by the consultant Public Financial Management says Oklahoma provides about $1 billion in business tax breaks annually at a time when the state has been facing huge shortfalls in revenue needed to provide core public services like education, health and public safety.
The report was reviewed by a legislative committee on Friday, and some lawmakers say it’s time to determine whether some credits should be cut. The largest being considered is for emission-free energy production facilities.
Wind power is the biggest recipient of the credit, which had a financial impact of more than $113 million in 2014.