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July 16, 2009 – Issue 63
New Arizona Renewable Energy Tax
Incentive Program
I’m
pleased to announce that just last week Governor Brewer signed into law
Senate Bill 1403, which created a Renewable Energy Tax Incentive
Program. This new program intends to encourage business investment that
will produce high quality employment opportunities and enhance Arizona’s
position as a center for production and use of renewable energy
products.
Beginning in January 2010, two benefits are offered by the Renewable
Energy Tax Incentive Program: an income tax credit and property tax
reduction. Income tax credits are calculated by the amount of capital
investment and the number of qualified jobs being created. (Qualified
jobs are new full-time positions that pay above the state’s median wage
and offer health insurance coverage). The property tax reduction benefit
reclassifies both real and personal property (to
class 6) for 10-15 years, depending on the size of the project
and the wages that are paid. Additional eligibility requirement can be
reviewed at:
http://www.azleg.gov/FormatDocument.asp?inDoc=/legtext/49leg/1r/laws/0096.htm
To
receive additional information about the program as it becomes
available, add your name to the stakeholder notification by
clicking here.
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