Oklahoma’s Tax Credit Overhang

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At the end of 2014, businesses and individuals held $417 million in unused income tax credits that could be carried forward to future years. State officials say they can’t predict when the credits might be used and what effect they might have on future budget shortfalls.

Type of CreditCarried Over from Prior YearsEarned During 2014Used During 2014Remaining Credits
Oklahoma Investment/New Jobs$332,184,442$53,499,671$39,048,733$346,635,380
Electricity Generated by Zero-Emission Facilities (Wind Power)$32,120,789$59,047,397$58,772,598$32,395,588
Investment in Clean-Burning Motor Vehicle Fuel Property$6,186,834$15,179,087$11,773,436$9,592,485
Qualified Rehabilitation Expenditures$6,630,719$8,751,691$6,241,310$9,141,100
Construction of Energy Efficient Homes$3,694,584$10,864,482$7,423,868$7,135,198
Employees in Aerospace Sector$3,889,678$6,663,003$5,153,323$5,399,358
Coal$183,001$6,159,180$3,908,389$2,433,792
Rural Small Business Capital$2,434,150Discontinued$448,868$1,985,282
Entities Providing Child Care Services$703,286$295,845$128,630$870,501
Small Business Capital$509,804Discontinued$141,805$367,999
Railroad Modernization$503,787$341,753$544,597$300,943
Oklahoma Agricultural Producers$357,258Discontinued$70,950$286,308
Investment in Qualified Electric Motor$356,555Discontinued$102,451$254,104
Small Business Guaranty Fee$112,041$1,411,063$1,321,436$201,668
Biomedical Research Contribution$50,442$755,260$683,856$121,846
Wire Transfer Fee$266,568$434,239$609,459$91,348
Cancer Research Contribution$24,551$385,795$335,155$75,191
Contributions to Scholarship-Granting Organization$37,367$744,551$708,061$73,857
Breeders of Specially Trained Canines$60,720Discontinued$9,073$51,647
Poultry Litter$66,891Discontinued$23,077$43,814
Manufacturers of Small Wind Turbines$35,567$167,703$178,690$24,580
Research and Development New Jobs$500$14,567$9,074$5,993
TOTAL$390,409,534$164,715,287$137,636,839$417,487,982