2011 Regular Session
|At the request of:||(at the request of House Interim Committee on Sustainability and Economic Development)|
|Bill Title:||Relating to energy; prescribing an effective date.|
Creates income and corporate excise tax credit for renewable energy production systems, defined as systems using biomass, solar, geothermal, hydroelectric or wave, tidal or ocean thermal energy technology to produce energy.
Modifies provisions related to single energy facilities. Requires review of certain applications by Energy Facility Siting Council.] Declares emergency, effective on passage.] Bases amount of tax credit on projected first year energy yield of system. Restricts availability of tax credits to projects with total system cost not in excess of $20 million. Limits total tax credits available to all taxpayers to $150 million for 12-month period beginning July 1, 2012. Reserves up to $15 million of total tax credits for projects recommended by Oregon Innovation Council. Provides for certification of eligible systems by State Department of Energy. Directs department to establish eligibility standards and standards for allocating available credit amounts. Applies to applications for preliminary certification submitted after July 1, 2012, and to tax years beginning on or after January 1, 2012. Takes effect on 91st day following adjournment sine die.
|Fiscal Impact:||Fiscal Impact Issued|
|Revenue Impact:||Revenue Impact Issued|
|Measure Analysis:||Staff Measure Summary / Impact Statements|
|Current Location:||In House Committee|
|Current Committee:||House Committee On Revenue|
|Potential Conflicts of Interest/Vote Explanations:||Potential Conflicts of Interest/Vote Explanation Documents|