AZ HB2412

Reduces the aggregate annual tax credit cap for renewable energy production from $20 million to $18 million for both individual and corporate income tax purposes.

Allows taxpayers whose renewable energy tax credits exceed their tax liability to elect either carrying forward unused credits for up to five consecutive years or receiving 80% of the excess amount as a refund.

Applies to qualified energy generators (minimum 5 megawatts capacity) producing electricity from solar, wind, or biomass resources that began operation between January 1, 2011 and December 31, 2020.

Maintains the per-facility cap of $2 million annually and establishes a first-come, first-served authorization process through the Department of Revenue.

Clarifies that credits are available on a refundable basis under the same conditions for both Section 43-1083.02 (individual income tax) and Section 43-1164.03 (corporate income tax).