CA SB1074

Allows a 6% tax credit against personal income tax and corporation tax for qualified taxpayers engaged in green technology and renewable energy businesses for qualified property placed in service in California on or after January 1, 2010.

Credits earned for taxable years beginning January 1, 2010 through December 31, 2013 may only be claimed against taxes for the first taxable year beginning on or after January 1, 2014.

Qualifies taxpayers primarily engaged in green technology, renewable energy production (solar, wind, geothermal, biomass, hydroelectric under 30 megawatts), energy conservation, water efficiency, recycling, or cogeneration technology.

Qualified property includes manufacturing equipment, computers, research and development equipment, pollution control equipment, and special purpose buildings constructed specifically for manufacturing processes.

Allows excess credits to carry forward for seven years (nine years for small businesses with gross receipts under $50 million, net assets under $50 million, or total credits under $1 million).