Renewable energy technologies equipment exemption. The bill reinstates a sales tax exemption for equipment, machinery, and other materials for renewable energy technologies. (A previous exemption for renewable energy equipment expired in 2010.) The reinstated tax exemption includes the sale of materials used in the distribution of biodiesel, ethanol, and other renewable fuels, including fueling infrastructure, transportation, and storage, up to a limit of $1 million in tax each state fiscal year for all taxpayers. Gasoline fueling station pump retrofits for biodiesel, ethanol, and other renewable fuel distribution qualify for this exemption. The exemption will be available to a purchaser only through a refund of previously paid taxes. This exemption expires July 1, 2016.
Credit for investment in renewable energy technologies. In addition, the bill reinstates a corporate income tax credit for investment in renewable energy technologies. (A previous credit for renewable energy investments also expired in 2010.) The bill reinstates the biofuel portion of the renewable energy technologies investment tax credit for four years and expands it to include materials used in the distribution of other renewable fuels, up to a limit of $10 million in taxes each state fiscal year for all taxpayers. The credit can be used for tax years beginning on or after January 1, 2013, and will be granted in an amount equal to the eligible costs (75% of all capital costs, operation and maintenance costs, and research and development costs in connection with an investment in the production, storage, and distribution of biodiesel, ethanol, and other renewable fuel in the state, including the costs of constructing, installing, and equipping such technologies in Florida) incurred between July 1, 2012, and June 30, 2016.
Renewable energy production credit. The bill reinstates and modifies the corporate income tax credit for renewable energy production for electricity produced and sold on or after January 1, 2013, through June 30, 2016. The term “new facility” means a new renewable energy facility that was operationally placed in service after May 1, 2006, and as amended includes a Florida renewable energy facility that has had an expansion operationally placed in service after May 1, 2006, and whose cost exceeded 50% of the assessed value of the facility immediately before the expansion. An “expanded facility” is one that increased electrical production and sale by more than 5% over what it produced during 2011. The bill amends current law to provide that for a new facility, the credit will be based on the taxpayer's sale of the facility's entire electrical production, and for an expanded facility, the credit will be based on the increases in the facility's electrical production that are achieved after May 1, 2012, rather than after May 1, 2006.
Qualified target industry businesses—tax refund program. The bill also amends the tax refund program for qualified target industry businesses, by clarifying that an electrical utility company that is excluded from the definition of “target industry business” is any municipal electric utility, investor-owned electric utility, or rural electric cooperative that owns, maintains, or operates an electric generation, transmission, or distribution system within Florida. This will allow renewable energy producers who only sell electricity to a utility at wholesale to be eligible for the tax refund. This refund program applies to the corporate income, sales and use, property, stamp taxes, and the state communications services taxes administered under Chapter 202, Fla. Stat.
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