The Nebraska legislature amended and advanced L.B.423, the renewable energy production tax credit (PTC) for Nebraska.
L.B.423, introduced by Rep. Jeremy Nordquist, D-Omaha, requires wind farms to be constructed within Nebraska and achieve commercial operation after September.
The PTC would be a $0.01/kWh credit for the first two years of commercial operation. After two years, the credit will be reduced by one-tenth of a cent each two-year period. In years nine and 10, the credit would be worth $0.006/kWh. The investment tax credit would be a 30% credit, with a $2 million cap per project. Credits are freely transferable if granted to a project with a nameplate capacity of 20 MW or less – otherwise, they are transferable only by syndication.
David Levy, a lobbyist for Baird Holm, says the legislature is likely to consider the bill on the second round of debate, scheduled for early in the week of May 4.