Biomass Energy Tax Credit
|Area of Interest||Renewable Energy|
Beginning July 1, 2007, taxpayers are allowed a credit toward income taxes or license fees for 25 percent of the purchase and installation costs of equipment used to create heat, steam, electricity, or other forms of energy fueled by at least 90 percent of a biomass resource. The energy must be used for commercial purposes. Unused credits may be carried forward for 15 years.
The tax credit cannot exceed 50 percent of the tax payer's liability. The credit was established through Senate Bill 1245.
|Eligible Organizations||Livestock Producer, Commercial/Industrial Business, Small Business|
|How to Apply||In order to claim the credit, the costs must be certified by the State Energy Office, in consultation with the Department of Agriculture and the South Carolina Institute for Energy Studies. The total claims for all taxpayers for a fiscal year may not exceed $650,000. To the extent that the claims exceed $650,000, the credit will be allocated proportionately among all taxpayers.|
|For More Information||http://www.energy.sc.gov/index.aspx?m=1&t=5&h=601|
|Primary Contact||Erika H. Myers
South Carolina Energy Office
1201 Main Street
Columbia, SC 29201