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Virginia RETC Bill Introduced in State Legislature

Monday, January 9, 2017 - 10:15AM

A Virginia legislator has introduced a bill to establish a state renewable energy property credit for certain biomass equipment, geothermal equipment, hydroelectric generators, solar and wind equipment. Virginia House Bill 1632 was pre-filed by Del. Richard Sullivan and includes a 35 percent credit for the installed cost of the property, with an annual taxpayer cap of 50 percent of the tax owed or $15,000, whichever is less. Only the ultimate consumer of the renewable energy property could claim the credit. The bill calls for a $5 million statewide cap, with the credit effective in 2017 with a sunset in 2022.

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