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Advanced Energy Tax Credit

Category: State Incentives, Tax Incentives

DESCRIPTION: The Advanced Energy Tax Credit provides a 6% credit against gross receipts tax, compensating tax, withholding tax, personal income tax or corporate income tax liability for the generation of electricity.
ELIGIBILITY: A taxpayer that holds an interest in a qualified electric generating facility may qualify to claim the advanced energy tax credit.
•  If the credit amount exceeds the taxpayer’s liability, the excess can be carried forward for up to 10 years.
•  The amount of the credit is 6% of expenditures for the development and construction of a qualified new solar thermal electric generating facility, a geothermal electric generating facility or a solar photovoltaic electric generating facility that may include an associated or renewable energy storage facility or recycled energy project or 6% of expenditures for the development and construction of a qualified new or re-powered coal-based electric generating unit and an associated coal gasification facility.
•  Qualified facilities must begin construction no later than December 31, 2015.
•  The aggregate amount of all Advanced Energy Tax Credits claimed with respect to a qualified facility may not exceed $60,000,000.
•  Effective July 1, 2010, and Advanced Energy Deduction from gross receipts tax if offered for receipts from selling tangible personal property or services that are eligible generation plant costs to a person hold an interest in a qualified generating facility.
•  Visit the Taxation and Revenue Department homepage at or call the office of the Secretary at (505) 827-0951.

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