Florida Tax Incentives
Hydrogen and Biofuels Investment Tax Credit
An income tax credit is available for costs incurred between July 1, 2006, and June 30, 2010, for the following: 1) 75% of all capital, operation and maintenance, and research and development costs incurred in connection with an investment in hydrogen-powered vehicles and hydrogen vehicle fueling stations in the state, up to a maximum of $3 million per fiscal year for all taxpayers; and 2) 75% of all capital operation and maintenance, and research and development costs incurred in connection with an investment in the production, storage, and distribution of biodiesel (B10-B100) and ethanol (E10-E100) in the state, up to a maximum of $6.5 million per fiscal year for all taxpayers. This includes the costs of constructing, installing, and equipping such technologies; gasoline fueling station dispenser retrofits for ethanol (E10-E100) distribution also qualify.Credits may be used in tax years through December 31, 2010. If the credit is not fully used in any one tax year because of insufficient tax liability on the part of the corporation, the unused amount may be carried forward through December 31, 2012. Any entity that is allowed the investment tax credit may transfer the credit, in whole or in part, to any taxpayer by written agreement without transferring ownership interest in the qualified property.
(Reference Florida Statutes 220.192)
Point of Contact
Kelley Smith
Chief Analyst and Grant Manager
Florida Energy and Climate Commission
Phone (850) 487-4644
Fax (850) 922-9701
kelley.smith@eog.myflorida.com
http://myfloridaclimate.com/climate_quick_links/florida_energy_climate_commission
