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.