CA AB2589

Establishes a tax credit of $0.018 per kilowatthour for qualified producers using dual renewable energy devices in California or within three miles offshore, applicable to both personal income tax and corporate tax for taxable years beginning January 1, 2011 through December 31, 2015

Defines "dual renewable energy device" as equipment utilizing two different renewable energy technologies in the same device where each technology produces at least 20 percent of total energy output

Requires qualified producers to submit quarterly reports to the Franchise Tax Board documenting kilowatthours produced and allows credits exceeding tax liability to be refunded annually

Allows passthrough entities (partnerships, limited liability companies, and S corporations) to claim credits at the entity level and pass them through to partners or shareholders

Takes effect immediately upon enactment as a tax levy, with the Legislature required to appropriate funds from the General Fund for refunds administered by the Treasurer