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Utah

Utah

Incentives/Policies for Renewables & Efficiency

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Alternative Energy Development Incentive (Corporate)   

Last DSIRE Review: 04/07/2014
Program Overview:
State: Utah
Incentive Type: Corporate Tax Credit
Eligible Renewable/Other Technologies: Solar Thermal Electric, Photovoltaics, Landfill Gas, Wind, Biomass, Hydroelectric, Geothermal Electric, CHP/Cogeneration, Waste Heat, Other Non-Renewable Alternative Energy Resources (see summary for list), Small Hydroelectric
Applicable Sectors: Commercial, Industrial
Amount:75% of new state tax revenues (including, state, corporate, sales and withholding taxes) over the life of the project or 20 years, whichever is less.
Maximum Incentive:75% of new state tax revenues (including, state, corporate, sales and withholding taxes) over the life of the project or 20 years, whichever is less.
Eligible System Size:Minimum: 2 MW
Start Date:5/12/2009
Web Site: http://goed.utah.gov/relocate/incentives/energy/
Authority 1:
Utah Code 63M-4-501, et seq.
Authority 2:
Utah Code 59-7-614.7
Authority 3:
UAC 362-1
Authority 4:
Date Enacted:
SB 242
04/01/2014
Summary:

The Alternative Energy Development Incentive (AEDI) is a post-performance non-refundable tax credit for 75% of new state tax revenues (including, state, corporate, sales and withholding taxes) over the life of the project, or 20 years, whichever is less. The actual amount and duration of an incentive is determined by the Office of Energy Development (OED) on a case-by-case basis.

Eligible projects include the construction of electricity generation facilities of 2 megawatts or greater that utilize hydroelectric, solar, biomass, geothermal, wind, or waste heat from an industrial facility or a power station in which an electric generator is driven through a process in which water is heated, turns into steam, and spins a steam turbine. It also includes energy derived from the following non-renewable energy sources: nuclear fuel, oil-impregnated diatomaceous earth, oil sands, oil shale, or petroleum coke. To qualify for an incentive, the project must generate new state revenue and new incremental jobs, and it must involve significant capital investment, or the creation of high paying jobs.

To receive a tax credit, projects owners must first apply to the OED for a tax credit certificate and provide all the documents specified in Utah Code 63M-4-504. If the OED approves the application and issues a tax credit certificate, it will issue a duplicate copy to the state Tax Commission. To maintain eligibility for the tax credit, the project owners must:

  • Annually file a report with the OED showing the new state revenues generated by the alternative energy project during the taxable year for which they are seeking to receive a tax credit
  • Annually file a report with the OED prepared by an independent certified public accountant verifying the new state revenue
  • Provide the OED with any information required by the OED to certify the economic life of the alternative energy project, which may include a power purchase agreement, a lease, or a permit; and
  • Retain records supporting a claim for a tax credit for at least four years

 
Contact:
  Jeffrey Barrett
Office of Energy Development
195 N 1950 West, 2nd Floor
PO Box 146100
Salt Lake City, UT 84116
Phone: (801) 536-0210
E-Mail: jhbarrett@utah.gov
Web Site: http://www.energy.utah.gov/
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Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.

While the DSIRE staff strives to provide the best information possible, the DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. make no representations or warranties, either express or implied, concerning the accuracy, completeness, reliability or suitability of the information. The DSIRE staff, the N.C. Solar Center, N.C. State University and the Interstate Renewable Energy Council, Inc. disclaim all liability of any kind arising out of your use or misuse of the information contained or referenced on DSIRE Web pages.

Copyright 2013 - 2014 North Carolina State University, under NREL Subcontract No. XEU-0-99515-01. Permission granted only for personal or educational use, or for use by or on behalf of the U.S. government. North Carolina State University prohibits the unauthorized display, reproduction, sale, and/or distribution of all or portions of the content of the Database of State Incentives for Renewables and Efficiency (DSIRE) without prior, written consent.