§ 44-30-22 - Tax credit for installation costs.
SECTION 44-30-22
§ 44-30-22 Tax credit for installationcosts. – (a) A hydroelectric power developer will be allowed an income tax credit forthe installation costs of a small hydroelectric power production facility.
(b) For the purposes of this section, a hydroelectric powerdeveloper shall be allowed a non-refundable state income tax credit in theamount of ten percent (10%) of the installation costs of a hydropower facility.This credit shall be limited to five hundred thousand dollars ($500,000) inexpenditures for a maximum income tax credit of fifty thousand dollars($50,000). This income tax credit shall be allowed as either a personal or acorporate income tax credit, depending on the hydropower developer's income taxfiling status on the last day of his or her income tax filing period; provided,that if the installation costs were incurred by a corporation, then anon-refundable corporate income tax credit shall be allowed, and ifinstallation costs were not incurred by a corporation, then a non-refundablepersonal income tax credit shall be allowed. In no event shall both a corporateand personal non-refundable income tax credit be allowed for installation costsat a single dam site.