Local & Regional
Fri June 4, 2010
Tax Credit Update
By Associated Press
Oklahoma City, OK – Tax credits provide mixed bag for industry
OKLAHOMA CITY (AP) State lawmakers working to close a $1.2 billion hole in next year's budget placed a two-year suspension on about two dozen tax credits offered by the state as incentives to businesses and industries.
But on the final day of the legislative session, a few industries managed to wriggle free from the bill and instead received a deferment for up to two years.
Tax credits for coal production, wind energy generation and the rehabilitation of historic buildings will still be honored. But the state won't make any payments until future years.
A tax credit for qualified investments that create new jobs that was expected to generate about $14.2 million annually. But those will be paid out over two years, beginning in fiscal year 2013.