AK SB63

Creates a renewable energy refundable tax credit equal to 15 percent of the retail rate per kilowatt-hour of electricity produced from renewable energy sources as determined by the Regulatory Commission of Alaska.

Credits are available for five years beginning in the first year capital investment in renewable energy production is placed into service and continuing for the four following years.

Credit cannot exceed 10 percent of the person's capital investment or $30,000,000 per project, whichever is less, and excludes any state or federal grants from the investment calculation.

Credits apply only to Alaska Net Income Tax and cannot be claimed against alternative minimum tax; unused credits may be carried forward until exhausted but not beyond December 31, 2026.

Defines renewable energy as geothermal, solar, hydroelectric, wind, biomass, hydrokinetic or tidal, and wave energy; the credit program itself repeals on January 1, 2021.