41-1510.01. Solar energy tax incentives; qualification
A. The authority shall establish a procedure for identifying commercial solar energy projects that qualify for the purposes of the commercial solar energy income tax credits under sections 43-1085 and 43-1164.
B. To qualify for the tax credits, a business must apply in a form prescribed by the authority, including:
1. The name, address and telephone number of the business purchasing the solar energy device or system.
2. The name, address and telephone number of a contact person with the business.
3. The projected date that the installation of the solar energy device or system will begin and the projected finish date.
4. The location where the solar energy device or system will be installed.
5. The type of solar energy device or system, its total cost, excluding financing costs, and the estimated annual performance level.
6. The projected amount of the credit against state income taxes.
C. Applications under this section are confidential and are not subject to disclosure under title 39 for eighteen months after the date of application.
D. The authority shall:
1. Establish a preapproval process for the certification of applications.
2. Review and evaluate each submitted application.
3. Determine within thirty days after receiving the application whether the application meets the criteria for the purposes of the commercial solar energy income tax credits.
4. Provide its initial certification of a project to the applicant and to the department of revenue. The initial certification shall include a unique identifying number for each certified installation.
E. On the completion of each certified installation:
1. The business must:
(a) Certify that the installed solar energy device or system is operational.
(b) Provide the total amount of income tax credits to be claimed.
2. The authority shall review the installation expenses and issue a credit certificate to the business. The credit certificate shall include the assigned identifying number.
3. The authority shall transmit the credit information and certificate number to the department of revenue.
F. The authority shall not certify tax credits under this section in any calendar year that exceed a total of one million dollars. The total allowed under this section shall be reserved for the taxpayer based on preapproval under subsection D of this section. The final credit certificate issued under subsection E of this section shall not exceed the amount reserved. A taxpayer whose taxable year overlaps two calendar years may request approval from the second calendar year's cap if the first year's cap is exhausted and the application under subsection B of this section is submitted before the end of the taxpayer's taxable year. Nothing in this section shall be construed as allowing the taxpayer to claim credits under sections 43-1085 and 43-1164 in any taxable year other than the taxable year the solar energy device was installed.
G. The authority and the department of revenue shall collaborate in adopting rules that are necessary to accomplish the intent and purpose of this section.