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CALIF. TO EXCLUDE SECTION 1603 GRANTS FROM TAXABLE INCOME

Friday, April 9, 2010 - 2:00AM

Lawmakers yesterday passed S.B. 401, a bill to conform state tax law to federal changes made since 2005. The bill excludes federal Section 1603 renewable energy tax credit cash grants from taxable income in California. Gov. Arnold Schwarzenegger is expected to sign the bill next week.

For questions about this new law or about Section 1603 renewable energy tax credit cash grants, please call Stephen Tracy, CPA, at (415) 356-8000. Or click here to learn more about Novogradac & Company’s renewable energy services.

You can also learn about the latest state and federal renewable energy tax credit developments at Novogradac & Company’s Financing Renewable Energy Conference: Using Tax Credits to Finance Solar, Wind and Other Renewable Sources, April 29-30 in San Francisco, Calif.

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