SB 1237 Summary

• Reduces the renewable energy technologies income tax credit cap amounts by 50% across all property types and renewable energy system categories.

• For solar water heating systems: reduces caps from $2,250 to $1,125 (single-family), $350 to $175 per unit (multi-family), and $250,000 to $125,000 (commercial).

• For other solar energy systems: reduces caps from $5,000 to $2,500 (single-family), $350 to $175 per unit (multi-family), and $500,000 to $250,000 (commercial).

• For wind-powered energy systems: reduces caps from $1,500 to $750 (single-family), $200 to $100 per unit (multi-family), and $500,000 to $250,000 (commercial).

• Maintains $500,000 cap for commercial property used in eligible community-based renewable energy projects; applies to taxable years beginning after December 31, 2021.