AK SB31

Establishes a renewable energy production tax credit equal to 15 percent of the retail electricity rate per kilowatt-hour, with a minimum of 2.1 cents and maximum of 5 cents per kilowatt-hour.

Allows energy producers to claim the credit for each of the first five tax years after renewable energy capital investments are placed in service, if the energy is produced or sold.

Permits unused credits to be carried forward, sold, assigned, or transferred to other taxpayers, with the department issuing transferable tax credit certificates within 120 days of application.

Restricts combined tax credit and state aid to no more than 10 percent of the capital investment, and prohibits claiming both the state credit and federal renewable energy credit under 26 U.S.C. 45 for the same investment.

Applies to capital investments made on or after July 1, 2009, for renewable energy types including geothermal, solar, hydroelectric, wind, biomass, hydrokinetic, tidal, and wave energy; the credit program repeals January 1, 2025, but unused credits may be carried forward through December 31, 2025.