Ponca City, OK

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Wind, data centers drive growth in Oklahoma tax exemptions

The Associated Press - July 2, 2017 10:00 am

Wind, data centers drive growth in Oklahoma tax exemptions
OKLAHOMA CITY (AP) – The Oklahoma Tax Commission says wind farms, manufacturers and data centers received about $106 million in property tax subsidies last year.
The Oklahoman reports that’s the most since the five-year property tax exemption program began in 1986. It’s a 37 percent increase from 2015’s $80 million in exemptions.
Wind farms claimed $41.3 million in exemptions last year, followed by manufacturing at $39.75 million. Data processing centers had $24.1 million in exemptions, while distribution centers had about $905,000.
After a decade of rapid growth from wind, data processing exemptions now represent the fastest-growing slice of the program.
The program exempts some types of businesses from property taxes for five years. The state pays back school districts and local governments for the tax exemption out of the Ad Valorem Reimbursement Fund.

 

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