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Renewable Energy Production Tax Credit

Date Last Updated6/6/2013
Incentive TypeTax
State/FederalFL
Incentive Administrator/Contact OfficeFlorida Department of Agriculture and Consumer Services
Incentive Initiation Date7/1/2012
Incentive Expiration Date6/30/2016
Incentive Size and Funding SourceThe annual corporate tax credit is equal to $0.01 per kWh of electricity produced and sold by the taxpayer to an unrelated party during a given tax year. For new facilities (placed in service after May 1, 2012) the credit is based on the sale of the facility's entire electrical production produced and sold on or after January 1, 2013, and before June 30, 2016. For an expanded facility, the credit is based on the increases in the facility's electrical production that are achieved after May 1, 2012. Beginning in 2014 and continuing until 2017, each taxpayer claiming a credit under this section must apply to the Department of Agriculture and Consumer Services each year for an allocation of available credit. If the credit granted is not fully used in one year because of insufficient tax liability, the unused amount may be carried forward for up to 5 years.

The combined total amount of tax credits which may be granted for all taxpayers under this program was limited to $5 million per state fiscal year in FY 2012-2013. For FY 2013-14 until FY 2016-2017, there is a maximum of $10 million per state fiscal year. There is no maximum specified for individual projects and a maximum of $1 million per corporation. If the amount of credits applied for each year exceeds $5 million, the Florida Department of Agriculture and Consumer Services will award credits to qualified applicants based on the following priority:
  • New facilities placed in operation post May 1, 2012 (up to $250,000 maximum).
  • Facilities not able to claim credits under Priority 1 and which claim a credit of $50,000 or less.
  • Facilities not able to claim credits under Priority 1 or Priority 2.
For all Priority levels, credits allocated will be prorated based upon applicants unallocated claims for qualified production and sales.
Eligible RecipientOwners of renewable energy production facilities in Florida. Tax credits may be transferable to an eligible entity after a merger or acquisition. Credits must be used in the same manner and with the same limitations, and can only be transferred to a surviving or acquiring entity once.
Eligible FuelDoes Not Specify
Eligible Project Size (MW)Does Not Specify
Minimum Efficiency Required (%)Does Not Specify
Other Selected Eligibility CriteriaFor the purposes of this credit, renewable energy is defined as "electrical, mechanical or thermal energy produced from a method that uses one or more of the following fuels or energy sources: hydrogen, biomass, solar energy, geothermal energy, wind energy, ocean energy, waste heat or hydroelectric power."
Other Incentive DetailsA taxpayer cannot claim both this production tax credit and Florida's Renewable Energy Technologies Investment Tax Credit.
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