Bill > SB242

This bill modifies the renewable energy production tax credit, which offers financial incentives for generating electricity from sources like solar, wind, geothermal, and biomass. Key changes include adjusting the credit amounts per megawatt-hour for different types of renewable energy and for taxpayers who received their eligibility certificates before or after January 1, 2015, with solar energy credits seeing a significant increase in value for earlier certificate holders. The bill also extends the eligibility for these tax credits until January 1, 2032, and clarifies that a taxpayer can claim the credit for ten consecutive years starting from when they first claim it, provided the electricity is produced before the 2032 cutoff. Furthermore, it introduces a new definition for "geothermal" energy and updates the definition of a "qualified energy generator" to include facilities that first produced electricity on or before January 1, 2021, while also adjusting the overall cap on certified electricity production for wind, geothermal, and biomass resources. The bill also allows for the carry-forward of excess tax credits for five consecutive years and specifies that refunds are available for credits issued for facilities that began producing electricity after October 1, 2007. These changes are applicable to taxable years beginning on or after January 1, 2015.