House Bill 1829 - Renewable Energy Incentives

• Extends the sunset date for the renewable fuel facilities tax credit from January 1, 2011 to January 1, 2013, and extends the biodiesel producer credit from January 1, 2010 to January 1, 2013.

• Revises the renewable energy property tax credit to expand eligible property types (adding combined heat and power systems and geothermal equipment), adjust residential credit limits, and allow lessees to claim credits with lessor certification; credit expires January 1, 2016.

• Creates new 25% tax credit for businesses that construct or convert manufacturing facilities to produce renewable energy property or major components for solar arrays or wind turbines, taken in five equal annual installments; credit expires January 1, 2014.

• Authorizes counties and cities to establish energy financing programs using revolving loan funds, loan loss reserves, and state/federal grants with maximum 8% annual interest rates and loan terms up to 20 years for renewable energy and energy efficiency improvements.

• Clarifies that real property donated for conservation purposes must be used perpetually for that specified conservation purpose and requires Department of Environment and Natural Resources certification.