HB 2241 Summary

• Establishes a renewable energy production tax credit for taxpayers holding title to qualified energy generators that produce electricity from January 1, 2011 through December 31, 2020.

• Allows credits for ten consecutive calendar years beginning when the generator starts producing commercially marketable electricity, with credit amounts varying by energy type: 1 cent per kilowatt-hour for wind/biomass and 4 cents per kilowatt-hour declining to 1 cent per kilowatt-hour over ten years for solar.

• Limits credit to $2 million per facility per calendar year and caps aggregate statewide credits at $20 million annually, distributed on a first-come, first-served basis requiring annual application.

• Requires qualified energy generators to have at least 10 megawatts capacity, use renewable energy resources (solar light, solar heat, wind, or biomass), and not be located within one mile of existing qualified generators.

• Allows unused credits to carry forward for up to five consecutive taxable years and permits co-owners to claim pro rata shares based on ownership interest.