Incentive Evaluation Commission submits final 2016
Report made publicly available today
CITY – The Incentive Evaluation
Commission has submitted and posted its final report on 11 state economic tax
incentives reviewed this year.
under the state’s Incentive Evaluation Act, the report was submitted Wednesday to
Gov. Mary Fallin, Senate President Pro Tempore-elect Mike Schulz and House
Speaker-elect Charles McCall. The report was posted today on the Oklahoma Department of Commerce website,
and on the commission’s website.
The commission’s report includes the
final evaluations of independent consultant Public Financial Management Inc.
after the firm spent several months in Oklahoma analyzing data and meeting with
stakeholders; the commissioners’ votes on PFM’s recommendations; and written
comments commissioners submitted on the evaluations and incentives.
The commission approved of all PFM’s
recommendations except to repeal the Industrial Road Access Program incentive.
PFM’s recommendations approved by the
commission included retaining three aerospace engineering tax credits;
reconfiguring incentives for electricity generated by zero-emission facilities,
aircraft sales and the Quality Events Program; retaining but making some
revision to the five-year ad valorem property tax exemption and a historic
rehabilitation tax credit; retaining the Oklahoma Capital Investment Board
incentive and allowing it to complete its activities before its legislated
sunset; and allowing the Oklahoma Film Enhancement Rebate to sunset as
scheduled in 2024.
law enacted in 2015, all state tax incentives must be reviewed by the
commission once every four years. The reviews must recommend whether the
incentives be retained, reconfigured or repealed before submitting a final
report for consideration by lawmakers.
Under the state’s Incentive
Evaluation Act, the incentives are evaluated by an independent consultant using
criteria approved by the commission. The commission will meet Dec. 21 to
discuss the schedule of incentives to review in 2017.
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