Texas 2021 - 87th Regular

Texas House Bill HB4470 Compare Versions

Only one version of the bill is available at this time.

Old	New	Differences
1	1	87R12486 SRA-D
2	2	By: Wilson H.B. No. 4470
3	3
4	4
5	5	A BILL TO BE ENTITLED
6	6	AN ACT
7	7	relating to imposing a tax on the amount of federal renewable energy
8	8	production credits received by wind electric generators.
9	9	BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
10	10	SECTION 1. Subtitle E, Title 2, Tax Code, is amended by
11	11	adding Chapter 165 to read as follows:
12	12	CHAPTER 165. TAX ON AMOUNT OF FEDERAL PRODUCTION CREDITS RECEIVED
13	13	BY WIND ELECTRIC GENERATORS
14	14	SUBCHAPTER A. GENERAL PROVISIONS
15	15	Sec. 165.001. DEFINITIONS. In this chapter:
16	16	(1) "Affiliated power generation company," "electric
17	17	utility," and "exempt wholesale generator" have the meanings
18	18	assigned by Section 31.002, Utilities Code.
19	19	(2) "Electric cooperative" has the meaning assigned by
20	20	Section 11.003, Utilities Code.
21	21	(3) "Electric generator" includes:
22	22	(A) an affiliated power generation company;
23	23	(B) an electric utility or electric cooperative
24	24	that owns or operates for compensation in this state equipment or
25	25	facilities to generate electricity in this state;
26	26	(C) an exempt wholesale generator; and
27	27	(D) a power generation company.
28	28	(4) "Federal production tax credit" means the
29	29	renewable energy production credit under Section 45, Internal
30	30	Revenue Code of 1986.
31	31	(5) "Power generation company" has the meaning
32	32	assigned by Section 31.002, Utilities Code, except that the term
33	33	does not include a distributed natural gas generation facility, as
34	34	that term is defined by Section 31.002, Utilities Code.
35	35	SUBCHAPTER B. IMPOSITION AND COLLECTION OF TAX
36	36	Sec. 165.021. TAX IMPOSED. A tax is imposed on each
37	37	electric generator in this state that receives a federal production
38	38	tax credit for which the qualified energy resource is wind.
39	39	Sec. 165.022. AMOUNT OF TAX. The amount of the tax is equal
40	40	to the amount of the federal production tax credit received by the
41	41	electric generator for which the qualified energy resource is wind.
42	42	Sec. 165.023. REPORT AND PAYMENT OF TAX. (a) Not later
43	43	than April 15 of each year, an electric generator on whom the tax is
44	44	imposed shall file with the comptroller a report:
45	45	(1) stating the amount of the federal production tax
46	46	credit the electric generator received in the preceding calendar
47	47	year for which the qualified energy resource is wind; and
48	48	(2) including any other information required by the
49	49	comptroller.
50	50	(b) The electric generator shall send the amount of tax due
51	51	for the preceding calendar year to the comptroller with the report.
52	52	Sec. 165.024. RECORDS. An electric generator on whom the
53	53	tax is imposed shall keep a complete record of:
54	54	(1) the amount of all federal production tax credits
55	55	the electric generator receives along with the qualified energy
56	56	resource; and
57	57	(2) any other information required by the comptroller.
58	58	SUBCHAPTER C. DISPOSITION OF PROCEEDS
59	59	Sec. 165.051. DISPOSITION OF PROCEEDS. The comptroller
60	60	shall deposit the proceeds from the collection of the tax as
61	61	follows:
62	62	(1) 25 percent to the credit of the foundation school
63	63	fund; and
64	64	(2) the remainder to the credit of the general revenue
65	65	fund.
66	66	SECTION 2. This Act takes effect September 1, 2021.