New legislation, which was allowed to become law without Florida Gov. Rick Scott's signature, contains several provisions relating to renewable energy, energy-efficiency and alternative fuels for motor vehicles.
Among these provisions is a renewable energy production credit against the corporate income tax based on $0.01/kWh of renewable energy produced. The cap is $1 million per corporation and $5 million for state fiscal year 2012-2013, which is increased to $10 million for 2013-2014 through 2016-2017, with provisions for prorating credits if claims exceed the annual cap.
The legislation also institutes a renewable energy technologies investment tax credit against the corporate income tax based on investment in equipment to be used in production, storage and distribution of renewable fuels. The cap is $1 million per corporation and $10 million total per state fiscal year. The definition of "renewable fuel" includes fuels other than ethanol, such as biobutanol.
The bill passed overwhelming by a 38-2 vote in the state Senate and a 113-1 vote in the state House. The provisions take effect July 1.
