S.B. 3036 Summary

• Eliminates the renewable energy technologies income tax credit for solar energy systems on commercial properties requiring a power purchase agreement (PPA) approved by the Public Utilities Commission, effective for taxable years beginning after December 31, 2019

• Grandfathers in solar energy systems of 5 megawatts or larger that received PPA approval prior to December 31, 2019, allowing them to continue receiving a tax credit of 35% of actual cost or $500,000 per system, whichever is less

• Allows solar energy systems integrated with pump hydroelectric energy storage systems to claim the tax credit if project approval filings are made to the Public Utilities Commission by December 31, 2021

• Increases the renewable energy technologies income tax credit cap amount for multi-family residential properties from $350 to $750 per unit for both solar water heating and solar energy systems

• Eliminates the commercial property cap amounts ($250,000 for water heating systems and $500,000 for other solar systems) and wind energy systems caps