Income tax; change certain definitions
What changed between versions
Changed from amending general income tax definitions to creating a new tax credit section specifically for woody biomass power generators.
Added new definitions for 'Capacity', 'Power generator', and 'Woody biomass' with specific requirements like 50 megawatt minimum capacity and 50 percent capacity usage.
Established tax credit amounts of $500,000 per megawatt with aggregate limits of $200 million per taxpayer and $1.6 billion total.
Added specific deadlines requiring tax credits to be claimed by December 31, 2036, with a 10-year carry-forward period.
Introduced taxpayer certification requirements and rules allowing tax credits to be transferred or sold to other taxpayers.
Added provisions requiring taxpayers to reimburse the department for audit costs and allowing recapture of wrongfully claimed tax credits.
Extended exemptions for high-technology companies and data centers to include on-site woody biomass power generation.
