To amend the Internal Revenue Code of 1986 to require certain contract terms in contracts relating to wind turbines on land not owned by the taxpayer as a requirement in order to claim the credit relating to electricity produced from certain renewable resources.
Impact
The introduction of this bill could significantly influence the landscape of wind energy development by establishing clearer regulations around land use and tax incentives. By requiring contractual obligations for removal, the bill aims to enhance accountability and ensure that property is restored once a wind turbine's operational life has concluded. This could potentially affect the willingness of landowners to lease their land for wind energy projects, impacting the overall growth of renewable energy in the state and compliance with environmental standards.
Summary
House Bill 4151 aims to amend the Internal Revenue Code of 1986 by introducing specific contract requirements for claiming tax credits related to electricity produced from renewable resources, particularly wind turbines located on land not owned by the taxpayer. The bill stipulates that for taxpayers to be eligible for these credits, they must have a contractual agreement with the landowner that mandates the removal of the wind turbine facility and any associated equipment after the end of its useful life. This change intends to ensure that landowners are not left responsible for removing the equipment, which could prevent large-scale installations from becoming a burden on property owners.
Contention
While HB4151 seeks to promote responsible wind energy installation practices, it may also generate discussions around the implications for landowner rights and tax incentives for renewable projects. Supporters of the bill argue that it will enhance transparency and provide necessary protections for both landowners and taxpayers, while opponents may raise concerns about the feasibility of such contract terms. They might argue that it could deter investment in renewable energy projects by adding additional complexities and perceived risks for both landowners and developers.
To amend the Internal Revenue Code of 1986 to make a portion of research credit refundable for certain small businesses engaging in specified medical research.
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To amend the Internal Revenue Code of 1986 to allow certain credits and deductions to be taken as a refundable tax credit by Puerto Rico businesses or residents, and to extend such credits and deductions to possessions of the United States.