OKLAHOMA CITY — Two bills that would end cash payments for unused tax credits to the coal and the wind industries in Oklahoma have passed out of a state Senate committee.
The bills authored by Republican Sen. Josh Brecheen cleared the Senate Rules Committee on Thursday and would take effect Jan. 1.
The 12-member committee, which includes 10 Republicans and two Democrats, voted 6-4 to recommend each bill be passed. The bills now go to the full Senate.
The bills would end payments to the industries for unused income tax credits. The original law was intended to increase capital investment in the state, but a recent study found no evidence that has occurred.
The Oklahoman reports that Brecheen said the state could eventually save $54 million a year by repealing the incentives.
Information from: The Oklahoman, http://www.newsok.com