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2011 SESSION

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SB 981 Renewable energy sources; tax credit for producing energy, exception.

Introduced by: Mary Margaret Whipple | all patrons    ...    notes | add to my profiles

SUMMARY AS PASSED SENATE: (all summaries)

Renewable energy sources production tax credit.  Establishes, beginning January 1, 2012 and ending July 1, 2016, a $1-per-megawatt-hour income tax credit for each megawatt-hour of electricity or megawatt-hour equivalent in thermal energy that an energy producer generated from renewable energy sources harvested or captured in Virginia and sold or self-consumed during the taxable year. The bill provides that tax credits would be allowed only for electricity or thermal energy generated from equipment first placed in service on or after January 1, 2012.  Under the bill, investor-owned incumbent electric utilities that have applied to the State Corporation Commission for approval to participate in a renewable energy portfolio standard program would be ineligible to receive the tax credit. The bill would provide a 10-year carryforward period for any credit not usable in the taxable year of sale.


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