Income tax; limiting credit allowance for zero-emission facilities to certain tax years; limiting carry forward of credit. Effective date.

SB 239 amends Oklahoma's tax code to limit income tax credits for electricity generated by zero-emission facilities (like wind, solar, and geothermal plants). It restricts the credit to tax years ending by 2025 and replaces the previous option to carry forward unused credits with a new 85% refund option for credits generated after 2013. This directly affects electricity producers who previously could carry forward unused credits for up to 10 years; now, they may elect to receive 85% of unused credits as a direct refund instead. The bill also clarifies that certain entities, such as pass-through businesses, can claim the refund or allocate credits to owners.