The information below provides details on valuable federal and state incentives for manufacturers and industrial energy consumers. Be sure to check this page often for the latest information on these incentives, including eligibility, dates and most importantly, how to redeem incentives.
Please note that incentives paid through credits on your annual federal tax filings will require using the most up-to-date Internal Revenue Service forms. Click on the links below to expand details about each incentive.
Be sure to check this page often for the latest information on incentives!
ENERGY INVESTMENT REBATES AND CREDITS
Business Renewable Energy Investment Tax Credit (ITC)
Provider: Federal Internal Revenue Service
Savings: Provides a 30% credit for solar, fuel cells and small wind; 10% credit for geothermal, microturbines and CHP. Allows eligible taxpayers to receive federal renewable electricity production tax credit (PTC) for the purchase and installation of renewable energy sources.
Qualifications: Fuel cells, microturbines and CHP systems must meet specific energy-efficiency criteria.
How to get it: To apply for the tax credit, a business must complete Form 3468
When to get it: Credits are available for eligible systems placed in service on or before December 31, 2016.
Green Jobs Tax Credit
Savings: For every green job created with a yearly salary of $50,000 or more, a company is eligible to earn a $500 income tax credit for five years.
Qualifications: Employers must create a new job in the alternative energy/renewable energy fields. The Department of Commerce and Trade has rules regarding qualifying jobs. The credit is allowed for the first five years that the job is continuously filled. For the purposes of this tax credit, a green job is defined as employment in industries relating to renewable or alternative energy, including hydrogen and fuel cell technology, landfill gas, and biofuels.
How to get it: For more information on the Green Jobs Tax Credit, contact the Office of the Secretary of Commerce and Trade by E-Mail or Phone: (804) 786-7831
When to get it: The tax credit expires on January 1, 2018
Wood, Alternative Energy, or Cogeneration Tax Exemption
Savings: Any city or town can exempt or partially exempt generating equipment that is used to convert from oil or natural gas to wood, wood waste, or any alternative energy source for manufacturing, or any cogeneration equipment from local property taxes.
How to get it: Contact your local tax office. Localities offering exemptions: Dinwiddie, Henrico, Pulaski, and Winchester.
When to get it: Exemption currently available.