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8 LONG TITLE
9 General Description:
10 This bill amends certain renewable energy system tax credits.
11 Highlighted Provisions:
12 This bill:
13 ▸ defines combined heat and power system;
14 ▸ adds combined heat and power system to the definition of commercial energy
15 system for purposes of claiming certain renewable energy systems tax credits;
16 ▸ provides additional rulemaking authority for the Office of Energy Development to
17 administer the tax credit; and
18 ▸ makes technical and conforming changes.
19 Money Appropriated in this Bill:
20 None
21 Other Special Clauses:
22 This bill provides a special effective date.
23 Utah Code Sections Affected:
24 AMENDS:
25 59-7-614, as last amended by Laws of Utah 2015, Chapters 30, 133 and last amended
26 by Coordination Clause, Laws of Utah 2015, Chapter 133
27 59-10-1106, as last amended by Laws of Utah 2015, Chapter 133
28
29 Be it enacted by the Legislature of the state of Utah:
30 Section 1. Section 59-7-614 is amended to read:
31 59-7-614. Renewable energy systems tax credits -- Definitions -- Certification --
32 Rulemaking authority -- Revenue and Taxation Interim Committee study.
33 (1) As used in this section:
34 (a) (i) "Active solar system" means a system of equipment that is capable of:
35 (A) collecting and converting incident solar radiation into thermal, mechanical, or
36 electrical energy; and
37 (B) transferring a form of energy described in Subsection (1)(a)(i)(A) by a separate
38 apparatus to storage or to the point of use.
39 (ii) "Active solar system" includes water heating, space heating or cooling, and
40 electrical or mechanical energy generation.
41 (b) "Biomass system" means a system of apparatus and equipment for use in:
42 (i) converting material into biomass energy, as defined in Section 59-12-102; and
43 (ii) transporting the biomass energy by separate apparatus to the point of use or storage.
44 (c) "Combined heat and power system" means a system of apparatus and equipment
45 that:
46 (i) uses the same energy source for the simultaneous or sequential generation of
47 electrical power, mechanical shaft power, or both, in combination with the generation of steam
48 or other forms of useful thermal energy, including heating and cooling applications;
49 (ii) produces 20% or more of the combined heat and power system's useful energy in
50 the form of:
51 (A) thermal energy that is not used to produce electrical or mechanical power or some
52 combination of electrical or mechanical power; and
53 (B) electrical or mechanical power or some combination of electrical or mechanical
54 power;
55 (iii) an energy efficient percentage that is more than 60%; and
56 (iv) does not include a system of apparatus and equipment used to transport the energy
57 source to a combined heat and power system or to distribute energy produced by a combined
58 heat and power system.
59 [
60 (i) (A) an active solar system;
61 (B) a biomass system;
62 (C) a combined heat and power system;
63 [
64 [
65 [
66 [
67 [
68 [
69 (ii) located in the state; and
70 (iii) used:
71 (A) to supply energy to a commercial unit; or
72 (B) as a commercial enterprise.
73 [
74 electrical, mechanical, or thermal energy for sale from a commercial energy system.
75 [
76 transact business.
77 (ii) Notwithstanding Subsection (1)[
78 (A) with respect to an active solar system used for agricultural water pumping or a wind
79 system, each individual energy generating device is considered to be a commercial unit; or
80 (B) if an energy system is the building or structure that an entity uses to transact
81 business, a commercial unit is the complete energy system itself.
82 [
83 that enables the direct use of geothermal energy to meet energy needs, including heating a
84 building, an industrial process, and aquaculture.
85 (h) "Energy efficiency percentage" means a fraction:
86 (i) the numerator of which is the total useful electrical, thermal, and mechanical power:
87 (A) produced by a combined heat and power system at normal operating rates; and
88 (B) expected to be consumed in the combined heat and power system's normal
89 application; and
90 (ii) the denominator of which is the lower heating value of the fuel sources for the
91 system.
92 [
93 (i) contained in heat that continuously flows outward from the earth; and
94 (ii) used as a sole source of energy to produce electricity.
95 [
96 earth.
97 [
98 that:
99 (i) enables the use of thermal properties contained in the earth at temperatures well
100 below 100 degrees Fahrenheit; and
101 (ii) helps meet heating and cooling needs of a structure.
102 [
103 capable of:
104 (i) intercepting and converting kinetic water energy into electrical or mechanical
105 energy; and
106 (ii) transferring this form of energy by separate apparatus to the point of use or storage.
107 [
108 63M-4-401.
109 [
110 structure of a building and its operable components to provide for collection, storage, and
111 distribution of heating or cooling during the appropriate times of the year by utilizing the
112 climate resources available at the site.
113 (ii) "Passive solar system" includes those portions and components of a building that
114 are expressly designed and required for the collection, storage, and distribution of solar energy.
115 [
116 constitutes the cost a person incurs in acquiring a commercial energy system.
117 (ii) "Principal recovery portion" does not include:
118 (A) an interest charge; or
119 (B) a maintenance expense.
120 [
121 for a residential unit:
122 (i) an active solar system;
123 (ii) a biomass system;
124 (iii) a direct use geothermal system;
125 (iv) a geothermal heat pump system;
126 (v) a hydroenergy system;
127 (vi) a passive solar system; or
128 (vii) a wind system.
129 [
130 dwelling unit that:
131 (A) is located in the state; and
132 (B) serves as a dwelling for a person, group of persons, or a family.
133 (ii) "Residential unit" does not include property subject to a fee under:
134 (A) Section 59-2-404;
135 (B) Section 59-2-405;
136 (C) Section 59-2-405.1;
137 (D) Section 59-2-405.2; or
138 (E) Section 59-2-405.3.
139 [
140 (i) intercepting and converting wind energy into mechanical or electrical energy; and
141 (ii) transferring these forms of energy by a separate apparatus to the point of use, sale,
142 or storage.
143 (2) A taxpayer may claim an energy system tax credit as provided in this section
144 against a tax due under this chapter for a taxable year.
145 (3) (a) Subject to the other provisions of this Subsection (3), a taxpayer may claim a
146 nonrefundable tax credit under this Subsection (3) with respect to a residential unit the taxpayer
147 owns or uses if:
148 (i) the taxpayer:
149 (A) purchases and completes a residential energy system to supply all or part of the
150 energy required for the residential unit; or
151 (B) participates in the financing of a residential energy system to supply all or part of
152 the energy required for the residential unit;
153 (ii) the residential energy system is completed and placed in service on or after January
154 1, 2007; and
155 (iii) the taxpayer obtains a written certification from the office in accordance with
156 Subsection (7).
157 (b) (i) Subject to Subsections (3)(b)(ii) through (v), the tax credit is equal to 25% of the
158 reasonable costs of each residential energy system installed with respect to each residential unit
159 the taxpayer owns or uses.
160 (ii) A tax credit under this Subsection (3) may include installation costs.
161 (iii) A taxpayer may claim a tax credit under this Subsection (3) for the taxable year in
162 which the residential energy system is completed and placed in service.
163 (iv) If the amount of a tax credit under this Subsection (3) exceeds a taxpayer's tax
164 liability under this chapter for a taxable year, the amount of the tax credit exceeding the
165 liability may be carried forward for a period that does not exceed the next four taxable years.
166 (v) The total amount of tax credit a taxpayer may claim under this Subsection (3) may
167 not exceed $2,000 per residential unit.
168 (c) If a taxpayer sells a residential unit to another person before the taxpayer claims the
169 tax credit under this Subsection (3):
170 (i) the taxpayer may assign the tax credit to the other person; and
171 (ii) (A) if the other person files a return under this chapter, the other person may claim
172 the tax credit under this section as if the other person had met the requirements of this section
173 to claim the tax credit; or
174 (B) if the other person files a return under Chapter 10, Individual Income Tax Act, the
175 other person may claim the tax credit under Section 59-10-1014 as if the other person had met
176 the requirements of Section 59-10-1014 to claim the tax credit.
177 (4) (a) Subject to the other provisions of this Subsection (4), a taxpayer may claim a
178 refundable tax credit under this Subsection (4) with respect to a commercial energy system if:
179 (i) the commercial energy system does not use:
180 (A) wind, geothermal electricity, solar, [
181 equipment capable of producing a total of 660 or more kilowatts of electricity; or
182 (B) solar equipment capable of producing 2,000 or more kilowatts of electricity;
183 (ii) the taxpayer purchases or participates in the financing of the commercial energy
184 system;
185 (iii) (A) the commercial energy system supplies all or part of the energy required by
186 commercial units owned or used by the taxpayer; or
187 (B) the taxpayer sells all or part of the energy produced by the commercial energy
188 system as a commercial enterprise;
189 (iv) (A) for a commercial energy system that is a wind system, geothermal electricity
190 system, biomass system, or solar system, the commercial energy system is completed and
191 placed in service on or after January 1, 2007; [
192 (B) for a commercial energy system that is a combined heat and power system, the
193 commercial energy system is completed and placed in service on or after January 1, 2017; and
194 (v) the taxpayer obtains a written certification from the office in accordance with
195 Subsection (7).
196 (b) (i) Subject to Subsections (4)(b)(ii) through (v), the tax credit is equal to 10% of the
197 reasonable costs of the commercial energy system.
198 (ii) A tax credit under this Subsection (4) may include installation costs.
199 (iii) A taxpayer may claim a tax credit under this Subsection (4) for the taxable year in
200 which the commercial energy system is completed and placed in service.
201 (iv) A tax credit under this Subsection (4) may not be carried forward or carried back.
202 (v) The total amount of tax credit a taxpayer may claim under this Subsection (4) may
203 not exceed $50,000 per commercial unit.
204 (c) (i) Subject to Subsections (4)(c)(ii) and (iii), a taxpayer that is a lessee of a
205 commercial energy system installed on a commercial unit may claim a tax credit under this
206 Subsection (4) if the taxpayer confirms that the lessor irrevocably elects not to claim the tax
207 credit.
208 (ii) A taxpayer described in Subsection (4)(c)(i) may claim as a tax credit under this
209 Subsection (4) only the principal recovery portion of the lease payments.
210 (iii) A taxpayer described in Subsection (4)(c)(i) may claim a tax credit under this
211 Subsection (4) for a period that does not exceed seven taxable years after the date the lease
212 begins, as stated in the lease agreement.
213 (5) (a) Subject to the other provisions of this Subsection (5), a taxpayer may claim a
214 refundable tax credit under this Subsection (5) with respect to a commercial energy system if:
215 (i) the commercial energy system uses wind, geothermal electricity, [
216 combined heat and power equipment capable of producing a total of 660 or more kilowatts of
217 electricity;
218 (ii) (A) the commercial energy system supplies all or part of the energy required by
219 commercial units owned or used by the taxpayer; or
220 (B) the taxpayer sells all or part of the energy produced by the commercial energy
221 system as a commercial enterprise;
222 (iii) (A) for a commercial energy system that is a wind system, geothermal electricity
223 system, or biomass system, the commercial energy system is completed and placed in service
224 on or after January 1, 2007; [
225 (B) for a commercial energy system that is a combined heat and power system, the
226 commercial energy system is completed and placed in service on or after January 1, 2017; and
227 (iv) the taxpayer obtains a written certification from the office in accordance with
228 Subsection (7).
229 (b) (i) Subject to Subsections (5)(b)(ii) and (iii), a tax credit under this Subsection (5)
230 is equal to the product of:
231 (A) 0.35 cents; and
232 (B) the kilowatt hours of electricity produced and used or sold during the taxable year.
233 (ii) A tax credit under this Subsection (5) may be claimed for production occurring
234 during a period of 48 months beginning with the month in which the commercial energy
235 system is placed in commercial service.
236 (iii) A tax credit under this Subsection (5) may not be carried forward or carried back.
237 (c) A taxpayer that is a lessee of a commercial energy system installed on a commercial
238 unit may claim a tax credit under this Subsection (5) if the taxpayer confirms that the lessor
239 irrevocably elects not to claim the tax credit.
240 (6) (a) Subject to the other provisions of this Subsection (6), a taxpayer may claim a
241 refundable tax credit as provided in this Subsection (6) if:
242 (i) the taxpayer owns a commercial energy system that uses solar equipment capable of
243 producing a total of 660 or more kilowatts of electricity;
244 (ii) (A) the commercial energy system supplies all or part of the energy required by
245 commercial units owned or used by the taxpayer; or
246 (B) the taxpayer sells all or part of the energy produced by the commercial energy
247 system as a commercial enterprise;
248 (iii) the taxpayer does not claim a tax credit under Subsection (4);
249 (iv) the commercial energy system is completed and placed in service on or after
250 January 1, 2015; and
251 (v) the taxpayer obtains a written certification from the office in accordance with
252 Subsection (7).
253 (b) (i) Subject to Subsections (6)(b)(ii) and (iii), a tax credit under this Subsection (6)
254 is equal to the product of:
255 (A) 0.35 cents; and
256 (B) the kilowatt hours of electricity produced and used or sold during the taxable year.
257 (ii) A tax credit under this Subsection (6) may be claimed for production occurring
258 during a period of 48 months beginning with the month in which the commercial energy
259 system is placed in commercial service.
260 (iii) A tax credit under this Subsection (6) may not be carried forward or carried back.
261 (c) A taxpayer that is a lessee of a commercial energy system installed on a commercial
262 unit may claim a tax credit under this Subsection (6) if the taxpayer confirms that the lessor
263 irrevocably elects not to claim the tax credit.
264 (7) (a) Before a taxpayer may claim a tax credit under this section, the taxpayer shall
265 obtain a written certification from the office.
266 (b) The office shall issue a taxpayer a written certification if the office determines that:
267 (i) the taxpayer meets the requirements of this section to receive a tax credit; and
268 (ii) the residential energy system or commercial energy system with respect to which
269 the taxpayer seeks to claim a tax credit:
270 (A) has been completely installed;
271 (B) is a viable system for saving or producing energy from renewable resources; and
272 (C) is safe, reliable, efficient, and technically feasible to ensure that the residential
273 energy system or commercial energy system uses the state's renewable and nonrenewable
274 energy resources in an appropriate and economic manner.
275 (c) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the
276 office may make rules:
277 (i) for determining whether a residential energy system or commercial energy system
278 meets the requirements of Subsection (7)(b)(ii); [
279 (ii) for purposes of a tax credit under Subsection (3) or (4), establishing the reasonable
280 costs of a residential energy system or a commercial energy system, as an amount per unit of
281 energy production[
282 (iii) for determining whether a combined heat and power system meets the
283 requirements described in Subsection (1)(c)(ii); and
284 (iv) for purposes of calculating the energy efficiency percentage described in
285 Subsection (1)(h).
286 (d) A taxpayer that obtains a written certification from the office shall retain the
287 certification for the same time period a person is required to keep books and records under
288 Section 59-1-1406.
289 (8) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the
290 commission may make rules to address the certification of a tax credit under this section.
291 (9) A tax credit under this section is in addition to any tax credits provided under the
292 laws or rules and regulations of the United States.
293 (10) (a) On or before October 1, 2017, and every five years after October 1, 2017, the
294 Revenue and Taxation Interim Committee shall review each tax credit provided by this section
295 and report its recommendations to the Legislative Management Committee concerning whether
296 the tax credit should be continued, modified, or repealed.
297 (b) The Revenue and Taxation Interim Committee's report under Subsection (10)(a)
298 shall include information concerning the cost of the tax credit, the purpose and effectiveness of
299 the tax credit, and the state's benefit from the tax credit.
300 Section 2. Section 59-10-1106 is amended to read:
301 59-10-1106. Refundable renewable energy systems tax credits -- Definitions --
302 Certification -- Rulemaking authority -- Revenue and Taxation Interim Committee study.
303 (1) As used in this section:
304 (a) "Active solar system" [
305 defined in Section 59-10-1014.
306 (b) "Biomass system" [
307 defined in Section 59-10-1014.
308 (c) "Combined heat and power system" means the same as that term is defined in
309 Section 59-7-614.
310 [
311 that term is defined in Section 59-7-614.
312 [
313 term is defined in Section 59-7-614.
314 [
315 is defined in Section 59-7-614.
316 (ii) Notwithstanding Subsection (1)[
317 (A) with respect to an active solar system used for agricultural water pumping or a
318 wind system, each individual energy generating device is considered to be a commercial unit;
319 or
320 (B) if an energy system is the building or structure that a claimant, estate, or trust uses
321 to transact business, a commercial unit is the complete energy system itself.
322 [
323 that term is defined in Section 59-10-1014.
324 (h) "Energy efficiency percentage" means the same as that term is defined in Section
325 59-7-614.
326 [
327 term is defined in Section 59-10-1014.
328 [
329 defined in Section 59-10-1014.
330 [
331 that term is defined in Section 59-10-1014.
332 [
333 is defined in Section 59-10-1014.
334 [
335 63M-4-401.
336 [
337 is defined in Section 59-10-1014.
338 [
339 that term is defined in Section 59-10-1014.
340 [
341 defined in Section 59-10-1014.
342 (2) A claimant, estate, or trust may claim an energy system tax credit as provided in
343 this section against a tax due under this chapter for a taxable year.
344 (3) (a) Subject to the other provisions of this Subsection (3), a claimant, estate, or trust
345 may claim a refundable tax credit under this Subsection (3) with respect to a commercial
346 energy system if:
347 (i) the commercial energy system does not use:
348 (A) wind, geothermal electricity, solar, [
349 equipment capable of producing a total of 660 or more kilowatts of electricity; or
350 (B) solar equipment capable of producing 2,000 or more kilowatts of electricity;
351 (ii) the claimant, estate, or trust purchases or participates in the financing of the
352 commercial energy system;
353 (iii) (A) the commercial energy system supplies all or part of the energy required by
354 commercial units owned or used by the claimant, estate, or trust; or
355 (B) the claimant, estate, or trust sells all or part of the energy produced by the
356 commercial energy system as a commercial enterprise;
357 (iv) (A) for a commercial energy system that is a wind system, geothermal electricity
358 system, biomass system, or solar system, the commercial energy system is completed and
359 placed in service on or after January 1, 2007; [
360 (B) for a commercial energy system that is a combined heat and power system, the
361 commercial energy system is completed and placed in service on or after January 1, 2017; and
362 (v) the claimant, estate, or trust obtains a written certification from the office in
363 accordance with Subsection (6).
364 (b) (i) Subject to Subsections (3)(b)(ii) through (v), the tax credit is equal to 10% of the
365 reasonable costs of the commercial energy system.
366 (ii) A tax credit under this Subsection (3) may include installation costs.
367 (iii) A claimant, estate, or trust may claim a tax credit under this Subsection (3) for the
368 taxable year in which the commercial energy system is completed and placed in service.
369 (iv) A tax credit under this Subsection (3) may not be carried forward or carried back.
370 (v) The total amount of tax credit a claimant, estate, or trust may claim under this
371 Subsection (3) may not exceed $50,000 per commercial unit.
372 (c) (i) Subject to Subsections (3)(c)(ii) and (iii), a claimant, estate, or trust that is a
373 lessee of a commercial energy system installed on a commercial unit may claim a tax credit
374 under this Subsection (3) if the claimant, estate, or trust confirms that the lessor irrevocably
375 elects not to claim the tax credit.
376 (ii) A claimant, estate, or trust described in Subsection (3)(c)(i) may claim as a tax
377 credit under this Subsection (3) only the principal recovery portion of the lease payments.
378 (iii) A claimant, estate, or trust described in Subsection (3)(c)(i) may claim a tax credit
379 under this Subsection (3) for a period that does not exceed seven taxable years after the date the
380 lease begins, as stated in the lease agreement.
381 (4) (a) Subject to the other provisions of this Subsection (4), a claimant, estate, or trust
382 may claim a refundable tax credit under this Subsection (4) with respect to a commercial
383 energy system if:
384 (i) the commercial energy system uses wind, geothermal electricity, [
385 combined heat and power equipment capable of producing a total of 660 or more kilowatts of
386 electricity;
387 (ii) (A) the commercial energy system supplies all or part of the energy required by
388 commercial units owned or used by the claimant, estate, or trust; or
389 (B) the claimant, estate, or trust sells all or part of the energy produced by the
390 commercial energy system as a commercial enterprise;
391 (iii) (A) for a commercial energy system that is a wind system, geothermal electricity
392 system, or biomass system, the commercial energy system is completed and placed in service
393 on or after January 1, 2007; [
394 (B) for a commercial energy system that is a combined heat and power system, the
395 commercial energy system is completed and placed in service on or after January 1, 2017; and
396 (iv) the claimant, estate, or trust obtains a written certification from the office in
397 accordance with Subsection (6).
398 (b) (i) Subject to Subsections (4)(b)(ii) and (iii), a tax credit under this Subsection (4)
399 is equal to the product of:
400 (A) 0.35 cents; and
401 (B) the kilowatt hours of electricity produced and used or sold during the taxable year.
402 (ii) A tax credit under this Subsection (4) may be claimed for production occurring
403 during a period of 48 months beginning with the month in which the commercial energy
404 system is placed in commercial service.
405 (iii) A tax credit under this Subsection (4) may not be carried forward or back.
406 (c) A claimant, estate, or trust that is a lessee of a commercial energy system installed
407 on a commercial unit may claim a tax credit under this Subsection (4) if the claimant, estate, or
408 trust confirms that the lessor irrevocably elects not to claim the tax credit.
409 (5) (a) Subject to the other provisions of this Subsection (5), a claimant, estate, or trust
410 may claim a refundable tax credit as provided in this Subsection (5) if:
411 (i) the claimant, estate, or trust owns a commercial energy system that uses solar
412 equipment capable of producing a total of 660 or more kilowatts of electricity;
413 (ii) (A) the commercial energy system supplies all or part of the energy required by
414 commercial units owned or used by the claimant, estate, or trust; or
415 (B) the claimant, estate, or trust sells all or part of the energy produced by the
416 commercial energy system as a commercial enterprise;
417 (iii) the claimant, estate, or trust does not claim a tax credit under Subsection (3);
418 (iv) the commercial energy system is completed and placed in service on or after
419 January 1, 2015; and
420 (v) the claimant, estate, or trust obtains a written certification from the office in
421 accordance with Subsection (6).
422 (b) (i) Subject to Subsections (5)(b)(ii) and (iii), a tax credit under this Subsection (5)
423 is equal to the product of:
424 (A) 0.35 cents; and
425 (B) the kilowatt hours of electricity produced and used or sold during the taxable year.
426 (ii) A tax credit under this Subsection (5) may be claimed for production occurring
427 during a period of 48 months beginning with the month in which the commercial energy
428 system is placed in commercial service.
429 (iii) A tax credit under this Subsection (5) may not be carried forward or carried back.
430 (c) A claimant, estate, or trust that is a lessee of a commercial energy system installed
431 on a commercial unit may claim a tax credit under this Subsection (5) if the claimant, estate, or
432 trust confirms that the lessor irrevocably elects not to claim the tax credit.
433 (6) (a) Before a claimant, estate, or trust may claim a tax credit under this section, the
434 claimant, estate, or trust shall obtain a written certification from the office.
435 (b) The office shall issue a claimant, estate, or trust a written certification if the office
436 determines that:
437 (i) the claimant, estate, or trust meets the requirements of this section to receive a tax
438 credit; and
439 (ii) the office determines that the commercial energy system with respect to which the
440 claimant, estate, or trust seeks to claim a tax credit:
441 (A) has been completely installed;
442 (B) is a viable system for saving or producing energy from renewable resources; and
443 (C) is safe, reliable, efficient, and technically feasible to ensure that the commercial
444 energy system uses the state's renewable and nonrenewable resources in an appropriate and
445 economic manner.
446 (c) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the
447 office may make rules:
448 (i) for determining whether a commercial energy system meets the requirements of
449 Subsection (6)(b)(ii); [
450 (ii) for purposes of a tax credit under Subsection (3), establishing the reasonable costs
451 of a commercial energy system, as an amount per unit of energy production[
452 (iii) for determining whether a combined heat and power system meets the
453 requirements described in Subsection 59-7-614(1)(c)(ii); and
454 (iv) for purposes of calculating the energy efficiency percentage described in
455 Subsection 59-7-614(1)(h).
456 (d) A claimant, estate, or trust that obtains a written certification from the office shall
457 retain the certification for the same time period a person is required to keep books and records
458 under Section 59-1-1406.
459 (7) In accordance with Title 63G, Chapter 3, Utah Administrative Rulemaking Act, the
460 commission may make rules to address the certification of a tax credit under this section.
461 (8) A tax credit under this section is in addition to any tax credits provided under the
462 laws or rules and regulations of the United States.
463 (9) A purchaser of one or more solar units that claims a tax credit under Section
464 59-10-1024 for the purchase of the one or more solar units may not claim a tax credit under this
465 section for that purchase.
466 (10) (a) On or before October 1, 2017, and every five years after October 1, 2017, the
467 Revenue and Taxation Interim Committee shall review each tax credit provided by this section
468 and report its recommendations to the Legislative Management Committee concerning whether
469 the credit should be continued, modified, or repealed.
470 (b) The Revenue and Taxation Interim Committee's report under Subsection (10)(a)
471 shall include information concerning the cost of the credit, the purpose and effectiveness of the
472 credit, and the state's benefit from the credit.
473 Section 3. Effective date.
474 This bill takes effect for a taxable year that begins on or after January 1, 2017.
Legislative Review Note
Office of Legislative Research and General Counsel