Renewable-Energy Bill Approved by Oklahoma House
Record, Journal, THE JOURNAL RECORD
Legislation providing tax breaks for Oklahoma industries using renewable energy has been approved by the state House of Representatives on a 73-20 vote.
House Bill 2469, by state Reps. James Covey, Bill Case and Joe Dorman, would amend state law to make production facilities with a rated production capacity of one megawatt or greater to be eligible for a tax credit.
This bill encourages the continued development of Oklahoma businesses that operate renewable energy facilities, which benefits rural Oklahoma through economic development and reduced energy prices for consumers, said Covey, D-Custer City.
The bill expands a law that went into effect in January 2003 providing an income-tax credit to producers of electric power using renewable energy resources from zero-emission energy facilities. Under current law, the zero-emission facility must have a rated production capacity of 50 megawatts or greater to qualify.
Renewable energy is the future and has the ability to power our society indefinitely, said Dorman, D-Rush Springs. …