SB 121 SOLAR MARKET DEVELOPMENT TAX CREDIT CHANGES

Sen Mimi Stewart

Actions: [1] SCC/STBTC/SFC-SCC

Scheduled: Not Scheduled

 Senate Bill 121 (SB 121) makes federally recognized Indian nation, tribe, or pueblo eligible for the New Solar Market Development Income Tax Credit. SB 121 modifies the aggregate amount of credits allowed per year. 

 Senate Bill 121 (SB 121) makes federally recognized Indian nation, tribe, or pueblo eligible for the New Solar Market Development Income Tax Credit. 

SB 121 modifies the aggregate amount of credits allowed per year. For years 2020 through 2023 the aggregate total of credits is $12 million. If the limitation is exceeded, an additional $20 million in credits may be permitted. Fore calendar years after 2023, the aggregate total is $30 million.

SB 121 does not have an effective date. If passed and signed into law, the assumed effective date is 90 days after the end of the session, May 15.