Bill > SB1501

This bill creates the Oklahoma Geothermal Investment Affordability Act, which establishes a tax credit for qualified geothermal projects placed in service in Oklahoma from 2025 through 2034. The tax credit provides a base amount of $500 per ton of increased geothermal capacity, with additional enhancements for projects using materials produced in-state, located on tribal land, or in low-income communities. The total state tax credits utilized under the act are capped at $20 million. The bill also allows non-taxable entities, such as state agencies and political subdivisions, to establish transferable tax credits to incentivize geothermal project development. The act requires recapture of credits if related federal tax credits are recaptured, and grants the Oklahoma Tax Commission authority to promulgate rules and administer the program. The bill takes effect on November 1, 2024.

Budget and Finance

http://www.oklegislature.gov/BillInfo.aspx?Bill=sb1501&Session=2400