According to NewsOK.com, the changes in Fallin's budget would contribute $36.6 million in new revenue to an $870 million shortfall.
The proposed wind tax would be the second in the nation, and five times higher than Wyoming's, the only other state that taxes wind power generation.
The Oklahoma Legislature suggested this wind tax during its last session, but did not take any action.
Fallin says the Oklahoma wind power industry is now mature enough to not need tax incentives.
Oklahoma requires a three-fourths majority vote in both House and Senate for any new tax.
The state currently offers a property tax benefit and a zero emissions tax credit, both of which benefit wind farm developers. In 2015, developers netted $90 million in benefits.