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REFERENCE TITLE: solar energy tax credit; amount |
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State of Arizona House of Representatives Fiftieth Legislature Second Regular Session 2012
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HB 2456 |
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Introduced by Representatives Alston, Hobbs, Patterson: Campbell, Gonzales, Tovar
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AN ACT
amending section 41‑1510.01, Arizona Revised Statutes; relating to the solar energy tax credit.
(TEXT OF BILL BEGINS ON NEXT PAGE)
Be it enacted by the Legislature of the State of Arizona:
Section 1. Section 41-1510.01, Arizona Revised Statutes, is amended to read:
41-1510.01. Solar energy tax incentives; qualification
A. The authority shall establish a procedure for identifying commercial solar energy projects that qualify for the purposes of the commercial solar energy income tax credits under sections 43‑1085 and 43‑1164.
B. To qualify for the tax credits, a business must apply in a form prescribed by the authority, including:
1. The name, address and telephone number of the business purchasing the solar energy device or system.
2. The name, address and telephone number of a contact person with the business.
3. The projected date that the installation of the solar energy device or system will begin and the projected finish date.
4. The location where the solar energy device or system will be installed.
5. The type of solar energy device or system, its total cost, excluding financing costs, and the estimated annual performance level.
6. The projected amount of the credit against state income taxes.
C. Applications under this section are confidential and are not subject to disclosure under title 39 for eighteen months after the date of application.
D. The authority shall:
1. Review and evaluate each submitted application.
2. Determine within thirty days after receiving the application whether the application meets the criteria for the purposes of the commercial solar energy income tax credits.
3. Provide its initial certification of a project to the applicant and to the department of revenue. The initial certification shall include a unique identifying number for each certified installation.
E. On the completion of each certified installation:
1. The business must:
(a) Certify that the installed solar energy device or system is operational.
(b) Provide the total amount of income tax credits to be claimed.
2. The authority shall review the installation expenses and issue a credit certificate to the business. The credit certificate shall include the assigned identifying number.
3. The authority shall transmit the credit information and certificate number to the department of revenue.
F. The authority shall not certify tax credits under this section in any calendar year that exceed a total of one million two hundred fifty thousand dollars. If an applicant applies and is determined eligible to receive the tax credits under this section but the limitation of this subsection has been met, the applicant may reapply for the tax credit for the following calendar year.
G. The authority and the department of revenue shall collaborate in adopting rules that are necessary to accomplish the intent and purpose of this section.