Alternative Energy Development, Manufacturing Tax Credits Enacted

A new alternative energy development tax credit and alternative energy manufacturing tax credit have been enacted in Utah for tax years starting by Jan. 1, 2012.
A nonrefundable credit is now available to entities involved in alternative energy development, equaling up to 75 percent of new state revenues generated by projects that either generate utility scale alternative energy or extract alternative fuels.

The credit is available to “alternative energy entities” that conduct business within the state and enter into an agreement with the Office of Energy Development. “Alternative energy projects” are defined as projects involving a new or expanding operation in the state and either utility-scale alternative energy generation or the extraction of alternative fuels.