Income tax, state; tax credit for electricity that is produced using solar photovoltaic technology. (SB1124)

Introduced By

Sen. Chap Petersen (D-Fairfax) with support from co-patrons Del. Ken Plum (D-Reston), Del. Mark Sickles (D-Alexandria), and Sen. Dave Marsden (D-Burke)

Description

Commercial clean energy production tax credit. Establishes an income tax credit for electricity that is produced using solar photovoltaic technology or wind power at a commercial clean energy production facility in the Commonwealth. The tax credit would equal (i) 0.06 cents per kWh of electricity that is generated using solar photovoltaic technology and that is sold to an electric utility in the Commonwealth, and (ii) 0.03 cents per kWh of electricity that is generated using wind power and that is sold to an electric utility in the Commonwealth. The bill would require the State Corporation Commission to conduct a rulemaking proceeding to be completed by December 1, 2009, to establish eligibility criteria for commercial solar photovoltaic and wind power facilities that are in the public interest. The tax credit would be able to be carried forward for five taxable years. Read the Bill »

Outcome

History