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Renewable Energy Tax Credit News Briefs – March 2018

State Senate Bill 2100 was introduced Jan. 19 to create a Hawaii state renewable energy investment tax credit for energy storage. If passed, the bill would create a 30 percent credit for systems placed in service after June 30. The credit would gradually step down to a 10 percent credit for systems placed in service after Dec. 31, 2021. The bill is available at www.energytaxcredits.com.

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The American Wind Energy Association announced Jan. 30 in its Wind Industry Fourth Quarter 2017 Market Report that the industry had a strong 2017 closing. The report shows 7,000-plus megawatts (MW) of new wind power capacity representing $11 billion in private investments. Twenty-nine new farms totaling 4,125 MW came online across 16 states in the fourth quarter. There is now 89,077 MW of wind power installed across 41 states, enough to power 26 million American homes. The pipeline of wind farms under construction or in advanced development totals 28,668 MW, a 34 percent increase compared to the end of 2016.

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New Mexico Senate Bill 79 was introduced Jan. 22. The bill would create a solar market development income tax credit. The state Senate committee recommended approval of a 10 percent tax credit against the cost of solar energy systems for homeowners, small businesses and farms. The bill would cap the tax credit at $9,000 per business and $4,000 per residence. The previous state solar tax credit system expired in 2016. The new credit would gradually decline from 10 percent of costs to 6 percent in a 15-year period. At press time, the bill was referred to Senate Corporations and Transportation Committee.

Journal Category:

Renewable Energy Tax Credits

Authors:

Novogradac

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