SB1614 Summary

• Reduces coal tax credits to 75% of the otherwise allowable amount for activities occurring on or after January 1, 2016, affecting credits under subsection B paragraphs 3-4 and subsection D.

• Maintains existing coal tax credit framework for entities furnishing water, heat, light or power and those burning coal for manufacturing, with credits expiring on December 31, 2021.

• Allows unused credits earned after January 1, 2014, to be refunded at 85% of face value at taxpayer's election, with refunds available to all taxpayers including pass-through entities.

• Permits transfer of unused credits earned prior to January 1, 2014, within five years following the year of qualification, with transfers restricted after December 31, 2013.

• Effective November 1, 2016.