Budget Committee Approves Wind Tax Credit Reform Bill For Education Funds
An Oklahoma House budget committee narrowly passed a bill dealing with tax credits to the wind industry in order to help raise more money for education funding.
Senate Bill 888 passed through the committee by a vote of 14-12. The bill could save the state about $70 million beginning in 2021.
During the presser, Monday afternoon, Sen. Nathan Dahm and Sen. Josh Brecheen, the architects of the bill called on the legislature to end “corporate welfare” to the wind industry, that they say pays out $500 to $750 million over the next 10 years to the wind industry.
The bill does not eliminate the credit, according to the senators, but rather eliminates “the refund aspect” of the tax credit “so the state can use these resources to adequately fund education, teacher pay and other vital state services and needs.”
Opponents of the bill fear wind energy companies woudl fight the bill in court for violating contracts.