Renewable energy property; tax credit established.

Renewable energy property tax credit. Establishes, beginning in taxable year 2020, a tax credit for renewable energy property placed in service. The bill defines "renewable energy property" as certain biomass equipment that uses renewable biomass resources, combined heat and power systems using waste heat to produce electricity or thermal or mechanical energy, certain geothermal equipment, hydroelectric generators located at existing dams or in free-flowing waterways, solar energy equipment, and wind equipment that is necessary for capturing and converting wind energy into electricity or mechanical power.The credit would equal 35 percent of the installed cost of the renewable energy property. However, the aggregate amount of credit allowed to each person for placing into service renewable energy property during the taxable year would not exceed $15,000. Only the ultimate consumer or user of the renewable energy property would be allowed to claim the credit.The credit would be required to be claimed in five equal annual installments beginning with the taxable year in which the property was placed in service. However, the amount claimed in a single year would not be allowed to exceed 50 percent of the person's total tax liability. The credit would expire and no further credit could be claimed if the renewable energy property was disposed of, taken out of service, or moved out of the Commonwealth during any of the installment years.The Department of Taxation would issue the tax credits. The Department would be authorized to issue $5 million in tax credits each fiscal year. Any unused credit could be carried forward for five taxable years. The credit would sunset in 2025.