Bills ending 2 energy tax credits clear Senate committee

Bills ending 2 energy tax credits clear Senate committee

OKLAHOMA CITY (AP) — 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 votes by the committee, which includes 10 Republicans and two Democrats, were not published. Brecheen did not immediately respond to messages for comment.

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