Statewide annual limit of $5 million in total credits
$5 per wet ton
The credit is effective for biomass originating between January 1, 2011, and January 1, 2020. The credit is worth $5 per wet ton. Eligible projects must apply to the Taxation and Revenue Department for the credit. The Taxation and Revenue Department is authorized to distribute $5,000,000 in credits annually and will award a qualification document to eligible projects on a first-come, first-served basis. The qualification document may be submitted by the taxpayer with that taxpayer's personal income tax return or may be sold, exchanged, or otherwise transferred to another taxpayer. The taxpayers involved in a credit transfer must notify the Taxation and Revenue Department within 10 days of the sale, exchange, or transfer. If a tax payer cannot claim all the credit they have been awarded for the year, they may carry forward any unused credit for a maximum of 4 consecutive years.