Bill > SB2423

This bill establishes a new tax on renewable energy project developers in Texas who receive certain federal tax credits, such as the renewable energy production tax credit or investment tax credits from the Inflation Reduction Act. The tax would be equal to the exact amount of the federal tax credit received by the developer, which could include electric generators, utilities, cooperatives, and other entities investing in renewable energy production or storage. Each year by April 15, these developers must file a report with the Texas comptroller detailing the amount of federal tax credits received in the previous calendar year and pay a corresponding tax. The tax proceeds will be allocated with 25% going to the foundation school fund and the remaining 75% deposited into the general revenue fund. The bill defines key terms like "electric generator" and "federal tax credit" and specifies record-keeping requirements for affected entities. The new tax law will take effect on September 1, 2025, and aims to offset federal renewable energy tax incentives at the state level.

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https://capitol.texas.gov/BillLookup/History.aspx?LegSess=89R&Bill=SB2423