Renewable Energy Technologies Investment Tax Credit

Summary

In June 2006, a corporate tax credit was established in Florida (SB 888) to promote investment in (1) hydrogen-powered vehicles and hydrogen vehicle fueling stations; (2) commercial stationary hydrogen fuel cells; and (3) production, storage, and distribution of biodiesel and ethanol. In April 2012, H.B. 7117 re-established and updated the renewable energy technologies investment tax credit. The entry below reflects the credit as it is now available.

For tax years beginning on or after January 1, 2013 through and ending December 31, 2016, the tax credit amount for each technology is as follows:

Hydrogen-Powered Vehicles and Hydrogen Vehicle Fueling Station: 75% of all capital costs, operation and maintenance costs, and research and development costs incurred between July 1, 2012, and June 30, 2016, up to a limit of $3 million per state fiscal year for all taxpayers, in connection with an investment in hydrogen-powered vehicles and hydrogen vehicle fueling stations in the state, including, but not limited to, the costs of constructing, installing, and equipping such technologies in the state.

Commercial Stationary Hydrogen Fuel Cells: 75% of all capital costs, operation and maintenance costs, and research and development costs incurred between July 1, 2012, and June 30, 201, up to a limit of $ 1.5 million per state fiscal year for all taxpayers, and limited to a maximum of $ 12,000 per fuel cell, in connection with an investment in commercial stationary hydrogen fuel cells in the state, including, but not limited to, the costs of constructing, installing, and equipping such technologies in the state.

Biodiesel and Ethanol Production, Storage, and Distribution: 75% of all capital costs, operation and maintenance costs, and research and development costs incurred between July 1, 2012, and June 30, 201, up to a limit of $ 6.5 million per state fiscal year for all taxpayers, in connection with an investment in the production, storage, and distribution of biodiesel (B10-B100) and ethanol (E10-E100) in the state, including the costs of constructing, installing, and equipping such technologies in the state. Gasoline fueling station pump retrofits for ethanol (E10-E100) distribution also qualify as an eligible cost.

If the credit is not fully used in any one tax year because of insufficient tax liability on the part of the corporate entity, the unused amount may be carried forward and used in tax years beginning January 1, 2003, and ending December 31, 2018, after which the credit carryover expires and may not be used. Beginning January 1, 2014, this credit is also transferrable.

To be eligible for the credit, corporations must submit a tax credit application to the Florida Energy and Climate Commission and attach their certification (if approved) to the tax return on which the credit is claimed.

The Florida Energy and Climate Commission will determine and publish on a regular basis the amount of available tax credits remaining in each fiscal year. If a taxpayer does not receive a tax credit allocation due to the exhaustion of the annual tax credit authorizations, the taxpayer may reapply in the following year for those eligible costs and will have priority over other applicants for the allocation of credits.

SB 888 also created a sales tax refund for products relating to hydrogen-powered vehicles, commercial stationary hydrogen fuel cells, and materials used in distributing biodiesel and ethanol.

Investment tax credit applications and draft rules are available on the program web site.


[Note: DSIRE does not generally report on incentives for transportation fuels and alternative fuel vehicles. However, this program is included because stationary fuel cells are eligible. Visit the Alternative Fuels Data Center for information on all alternative fuels and vehicle incentives.]