Relating to the imposition of a tax on certain entities that receive certain federal tax credits related to investing in and developing renewable energy projects in an amount equal to the federal tax credits received.

SB 2423 would impose a state tax on renewable energy project developers in Texas that receive federal tax credits for investing in or developing renewable energy projects. The tax amount would equal the exact value of the federal credit received each year. Developers must report the credit amount and pay the tax by April 15 annually to the state comptroller. This bill directly affects electric utilities, cooperatives, and other entities classified as "renewable energy project developers" under the Texas Tax Code. It creates a new reporting and payment requirement without altering existing federal tax credits.