Relating to energy; prescribing an effective date.
Catchline/Summary:
Creates income and corporate excise tax credit for new and retrofitted energy conservation projects located in Oregon.Transfers administration of income tax credit allowed for renewable energy resource equipment manufacturing facilities from State Department of Energy to Oregon Business Development Department.]
Becomes operative January 1, 2012.]
Creates income and corporate excise tax credit for new and retrofitted energy conservation projects located in Oregon. Bases amount of tax credit on increased energy savings beyond prevailing recognized standards. Limits tax credits to $1 million for commercial use projects and to $500,000 for industrial use projects. Provides incentives for projects that are certified as energy-efficient and environmentally sustainable buildings through Leadership in Energy and Environmental Design (LEED) rating system of U.S. Green Building Council. Limits total tax credits available to all taxpayers to $50 million for 12-month period beginning July 1, 2012. Reserves up to 10 percent of total tax credits to projects that have obtained LEED certification and up to 10 percent to projects recommended by Oregon Innovation Council. Provides for certification of eligible taxpayers by State Department of Energy. Directs department to establish eligibility standards.
Applies to applications for preliminary certification submitted after July 1, 2012, and to tax years beginning on or after January 1, 2012.
Takes effect on 91st day following adjournment sine die.
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HB 2414 House Committee On Revenue
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