This legislation enacted an “advanced energy tax credit” against the gross receipt tax, compensating tax and withholding tax liability of a qualified taxpayer; providing for cost recovery for clean energy utility projects. To use the tax credit plants must start up no later than Dec. 31, 2015.
The “advanced energy tax credit” is to be used by solar thermal facilities and by a facility that: captures and sequesters or controls carbon dioxide emissions so that by the later of January 1, 2017 or eighteen months after the commercial operation date of the qualified generating facility, no more than 1,100 pounds per megawatt-hour of carbon dioxide is emitted into the atmosphere.
The tax credit is for 6 percent of the plant's expenditures for development and construction, including permitting, site characterization and assessment, engineering, and design. The aggregate amount of tax credit that may be claimed with respect to each qualified generating facility shall not exceed $60 million.
