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State Renewable Energy ITC Proposed in Virginia Legislature

Friday, January 17, 2020 - 12:45PM

Legislation in the Virginia House of Representatives would create a state renewable energy investment tax credit (ITC). H.B. 461 would create a 35 percent credit for the installed cost of renewable energy property including solar energy equipment, wind equipment, certain biomass equipment, combined heat and power systems that use waste heat to produce electricity, certain geothermal equipment, and hydroelectric generators located at existing dams or in free-flowing waterways. There would be an annual cap of $15,000 per taxpayer and the statewide cap would be $5 million per year. The credit would sunset at the end of 2024.

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