Incentives/Policies for Renewables & Efficiency
Last DSIRE Review: 10/22/2012
|Eligible Renewable/Other Technologies:
||Solar Water Heat, Solar Space Heat, Landfill Gas, Wind, Biomass, Hydroelectric, Geothermal Heat Pumps, Solar Pool Heating, Fuel Cells using Renewable Fuels, Geothermal Direct-Use
|Amount:||$500 per each job created |
|Maximum Incentive:||$175,000 |
|Terms:||Must create a new job in the alternative energy/renewable energy fields. The Department of Commerce and Trade will promulgate rules regarding qualifying jobs. |
S.B. 623 (duplicate bill H.B. 803)|
In April 2010, Virginia enacted the green jobs tax credit. For every green job created with a yearly salary of $50,000 or more, the company will earn a $500 income tax credit for five years. The Office of Commerce and Trade will develop a full list of jobs eligible to qualify for the tax credit. Companies will be allowed tax credits for up to 350 green jobs created. If the taxpayer does not have enough tax liability to take the full credit, it may be carried forward for up to 5 years.
Applicants may also be eligible for the Enterprise Zone Grant Program if creating jobs within defined geographical areas.
Defined as jobs in the manufacturing and operation of renewable or alternative energy products and technologies used to generate electricity and energy.
Alternative Energy Sources
Eligible alternative energy sources are defined as "hydrogen and fuel cell technology, landfill gas, geothermal heating systems, solar heating systems, hydropower systems, wind systems, and biomass and biofuel systems."
Disclaimer: The information presented on the DSIRE web site provides an unofficial overview of financial incentives and other policies. It does not constitute professional tax advice or other professional financial guidance, and it should not be used as the only source of information when making purchasing decisions, investment decisions or tax decisions, or when executing other binding agreements. Please refer to the individual contact provided below each summary to verify that a specific financial incentive or other policy applies to your project.
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