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Renewable Energy Tax Credit News Briefs – July 2018

Louisiana legislation H 374, concerning the state solar energy system tax credit, was effective May 10. The bill requires the Board of Tax Appeals to issue an order to tax costs for the deposits and filing fees paid on appeals related to denials by the Louisiana Department of Revenue of a qualified claim for a solar energy system tax credit. This order must be issued within 30 days of the effective date of the bill. A qualified claim for a solar energy system tax credit is claim-eligible for payment by the department effective June 26 and does not include any claim that does not qualify for payment or any claim that includes other justiciable issues in addition to the solar energy system tax credit. The board is authorized to waive any deposits and filing fees for a qualified claim if the deposits and filing fees were not paid by May 10. 

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New Jersey Assembly Bill 3723 was approved and effective May 23. The bill permits new applications to be filed for the wind energy credit. The period to file an application for a wind energy credit facility expired Aug. 1, 2016, and the business was required to submit its documentation to support the credit by Aug. 1, 2019. Under the new law, applications for the credit may be filed by Aug. 1, 2024, and the documentation to support those credits must be submitted by Aug. 1, 2027.

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The Solar Energy Industries Association (SEIA) announced May 30 that Southern Current, a national solar project developer, is now a member of SEIA’s board of directors. At the same time, Ryan Creamer, founder and CEO of independent solar developer sPower, was elected as the new vice chairman of the board. Tom Starrs was also elected to his second term as chairman.

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New Jersey Senate Bill 2313 was signed into law May 23. The bill establishes a Zero Emissions Certificate (ZEC) program to maintain New Jersey’s nuclear energy supply. The law gives the Board of Public Utilities the ability to engage outside experts to analyze nuclear power plant financial information and applications, as well as adjust ZEC payments as necessary to meet a plant’s actual financial need. A plant seeking to participate in the program would be required to certify that it is not receiving funding from any other federal, regional or state source that would negate the need for the ZEC. 

Journal Category:

Renewable Energy Tax Credits

Authors:

Novogradac

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