House Bill No. 720 Summary

• Creates a state income tax credit of 25% of the certified cost of renewable energy facilities, high-efficiency combined heat and power facilities, and sustainable building practices facilities, capped at $20 million per facility.

• Allows taxpayers to claim up to 7% of qualified expenditures annually, with unused credits carried forward for up to 10 years, and permits entities with no income tax liability to sell credits to taxpayers.

• Requires facilities to be located in Idaho and receive final certification from the Office of Energy Resources, with preliminary certification available for projects commencing on or after January 1, 2011.

• Defines eligible renewable energy resources including solar, wind, geothermal, biomass, low-impact hydroelectric (up to 10 megawatts), and hydrokinetic energy.

• Directs 5% of income tax credits eligible under the program to be remitted annually to the Office of Energy Resources fund, and establishes the law as effective January 1, 2011 through January 1, 2021 (sunset provision).