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Production Tax Credits for Large Renewable Energy Projects

This corporate or personal income tax credit is applicable to facilities 1 megawatt (MW) and greater in size (previously 10 MW until 2007).

• $.01/kWh for the first 400,000 MWh/year for ten years for wind and biomass generation facilities, with a total budget of 2,000,000 MWh/yr for the whole program.
• An average of $.027/kWh, on a particular ten year schedule, for the first 200,000 MWh/year for ten years for solar generation facilities, with a total budget of 500,000 MWh/yr for solar in particular (all of this new in 2007)

As of 2007, the credits are “refundable” for new projects (projects after Oct 1, 2007), i.e. can be given as a rebate if the tax liability of the facility is not adequate to absorb the credits. Credits from existing projects may be carried forward up to five years.