Tax News

CCH (cch.taxgroup.com) reports:

  Beginning in 2010, a new tax incentive program is created with refundable corporate and personal income tax credits and property tax incentives for expanding or locating new renewable energy operations in Arizona. The tax credits are available for taxable years beginning after December 31, 2009, through December 31, 2014. Special property tax classifications may be granted through December 31, 2014. The program is scheduled to terminate on January 1, 2016.

  To participate in the tax incentive program, a renewable energy business must submit an application to the Department of Commerce to be certified as a qualifying business.

  For purposes of the tax incentives, renewable energy operations are limited to manufacturing and headquarters for systems and components that are used or useful in manufacturing renewable energy equipment for the generation, storage, testing, research and development, transmission, or distribution of electricity from renewable resources, including specialized crates necessary to package the renewable energy equipment manufactured at the facility.