Senate Bill sb2100

    Florida Senate - 2006                                  SB 2100

    By Senator Bennett





    21-1336-06

  1                      A bill to be entitled

  2         An act relating to the corporate income tax;

  3         creating s. 220.1855, F.S.; providing for a

  4         corporate income tax credit for the new or

  5         expanded production of renewable energy;

  6         providing for the carryover of unused credits

  7         for a specified time period; providing an

  8         effective date.

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10         WHEREAS, the Legislature has determined that it is in

11  the public interest to promote the development of renewable

12  energy resources in this state, and

13         WHEREAS, this state must provide the diversification of

14  fuel types used for the production of energy, and

15         WHEREAS, increased production of renewable energy will

16  assist in diversifying the state's fuel types in the most

17  environmentally sensitive manner, NOW, THEREFORE,

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19  Be It Enacted by the Legislature of the State of Florida:

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21         Section 1.  Section 220.1855, Florida Statutes, is

22  created to read:

23         220.1855  Renewable energy producer tax credit.--

24         (1)  A credit against the tax imposed by this chapter

25  shall be allowed to the owner of a commercial facility that:

26         (a)  Initiates the production of renewable energy as

27  defined in s. 366.91; or

28         (b)  If already engaged in such production, increases

29  its production of renewable energy.

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    Florida Senate - 2006                                  SB 2100
    21-1336-06




 1         (2)  The amount of the credit granted under this

 2  section shall be equal to 75 cents per kilowatt-hour of new or

 3  additional renewable energy produced.

 4         (3)  If any credit granted under this section is not

 5  fully used in the first year for which it becomes available,

 6  the unused amount may be carried forward for a period not to

 7  exceed 10 years. The carryover may be used in a subsequent

 8  year when the amount of the tax imposed by this chapter for

 9  that year exceeds the amount of the credit for that year under

10  this section after applying the other credits and unused

11  credit carryovers in the order provided in s. 220.02(8).

12         Section 2.  This act shall take effect July 1, 2006.

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15                          SENATE SUMMARY

16    Provides a credit against the corporate income tax for
      the new or expanded production of renewable energy.
17    Provides for the carryover of unused credits for a period
      of 10 years.
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CODING: Words stricken are deletions; words underlined are additions.