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Energy:
Solar Tax Credit

Our Position: support
Bill Number: H.3834/S.329
Sponsor: Sens. Reese and Hembree
Legislative Session: 2014

This bill provides a tax credit of up to 25% of the cost of system placed in service in 2014, 2015 or 2016. The Credit capped at $1million per taxpayer and must be taken in three installments: $333,000 per installation/site.

Status

5/13/14: This bill passed the House and is currently awaiting subcommittee assignment in the Senate Finance Committee. It's companion bill made it out of Senate Finance.

Action Needed

Please contact your Senator and let him/her know that you support this bill and want to see more solar tax credits made available in South Carolina.

To contact your Senator, please locate the "Find Your Legislators" applicable at the bottom, left of the main page of the State House website.

More information

http://www.scstatehouse.gov/sess120_2013-2014/bills/329.htm

Background

-       Adds Section 12-6-3586 specific commercial solar energy systems

·         Tax credit of up to 25% of cost of system placed in service in 2014, 2015 or 2016

·         Credit capped at $333,000 per installation/site

·         Credit capped at $1m per taxpayer and must be taken in three installments

·         Program credits capped at $5m annually

·         State Energy Office administers along with other renewable credits already administered

·         Filing fee of 1% or $2500

·         SEO must report annually on program to Finance/Ways & Means, PURC, PSC, ORS

·         Credit expires in 2016

     
     

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