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TX SB2423
Bill
Status
3/13/2025
Primary Sponsor
Bob Hall
Click for details
AI Summary
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Imposes a new state tax on renewable energy project developers in Texas equal to 100% of any federal tax credits they receive for renewable energy investments or production
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Targets federal credits including the renewable energy production tax credit (Section 45), clean energy production tax credit, investment tax credits under the Inflation Reduction Act of 2022, and credits under 26 U.S.C. Section 48
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Applies to electric generators, power generation companies, electric utilities, electric cooperatives, and any other entities investing in renewable energy production or storage, but excludes distributed natural gas generation facilities
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Requires affected developers to file annual reports with the comptroller by April 15, disclosing the amount of federal tax credits received in the preceding calendar year and paying the equivalent state tax
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Directs 25% of tax proceeds to the Foundation School Fund and 75% to the general revenue fund, with an effective date of September 1, 2025
Legislative Description
Relating to the imposition of a tax on certain entities that receive certain federal tax credits related to investing in and developing renewable energy projects in an amount equal to the federal tax credits received.
State Finances
Last Action
Referred to Business & Commerce
3/25/2025