As part of his Renew Virginia initiative, Gov. Timothy M. Kaine, D-Va., has introduced several pieces of legislation designed to promote green jobs and renewable energy.
The proposed clean-energy manufacturing incentive would expand the existing incentive grant available to solar photovoltaic manufacturers to include manufacturing of other low- and no-carbon energy sources. The grants will be available to new and expanding businesses producing goods and equipment for renewable energy and energy efficiency.
Performance grants will also be available, so the commonwealth will already have received the benefits of the investments before providing state incentives – a unique partnership between government and private businesses, the governor's office says.
In addition, the legislation would introduce a renewable energy income tax credit for individuals and corporations installing solar photovoltaic, solar thermal and small wind systems. Individuals can receive up to $8,000 for solar PV and $4,000 for solar thermal. Corporations can receive up to $20,000 for solar PV and $10,000 for solar thermal.
The bill would also exempt solar PV and thermal systems – as well as small wind systems – from payment of sales tax.
Further information on the initiatives is available at www.governor.virginia.gov/Initiatives/RenewVirginia.
SOURCE: Office of Gov. Timothy M. Kaine
