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A BILL TO BE ENTITLED
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AN ACT
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relating to imposing a tax on the value of tax preferences received |
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by wind and solar electric generators. |
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BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS: |
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SECTION 1. Subtitle E, Title 2, Tax Code, is amended by |
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adding Chapter 164 to read as follows: |
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CHAPTER 164. TAX ON VALUE OF TAX PREFERENCES RECEIVED BY WIND AND |
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SOLAR ELECTRIC GENERATORS |
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SUBCHAPTER A. GENERAL PROVISIONS |
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Sec. 164.001. DEFINITIONS. In this chapter: |
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(1) "Affiliated power generation company," "electric |
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utility," and "exempt wholesale generator" have the meanings |
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assigned by Section 31.002, Utilities Code. |
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(2) "Electric cooperative" has the meaning assigned by |
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Section 11.003, Utilities Code. |
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(3) "Electric generator" includes: |
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(A) an affiliated power generation company; |
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(B) an electric utility or electric cooperative |
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that owns or operates for compensation in this state equipment or |
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facilities to generate electricity in this state; |
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(C) an exempt wholesale generator; and |
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(D) a power generation company. |
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(4) "Power generation company" has the meaning |
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assigned by Section 31.002, Utilities Code, except that the term |
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does not include a distributed natural gas generation facility, as |
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that term is defined by Section 31.002, Utilities Code. |
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(5) "Renewable energy tax preference" means a credit, |
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discount, exclusion, exemption, refund, special valuation, special |
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accounting treatment, special rate, or special method of reporting |
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authorized by state law that relates to a state or local tax imposed |
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in this state on electric generators and that is granted in |
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connection with the generation of electricity using wind or solar |
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energy, including: |
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(A) a tax abatement under Chapter 312; and |
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(B) a limitation on appraised value of property |
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under Chapter 313. |
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SUBCHAPTER B. IMPOSITION AND COLLECTION OF TAX |
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Sec. 164.021. TAX IMPOSED. A tax is imposed on each |
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electric generator in this state that receives a renewable energy |
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tax preference. |
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Sec. 164.022. AMOUNT OF TAX. The amount of the tax is equal |
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to 90 percent of the value of all renewable energy tax preferences |
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an electric generator receives in a calendar year. |
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Sec. 164.023. REPORT AND PAYMENT OF TAX. (a) Not later |
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than April 15 of each year, an electric generator on whom the tax is |
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imposed shall file with the comptroller a report: |
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(1) stating the total value of renewable energy tax |
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preferences the electric generator received in the preceding |
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calendar year; and |
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(2) including any other information required by the |
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comptroller. |
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(b) The electric generator shall send the amount of tax due |
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for the preceding calendar year to the comptroller with the report. |
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Sec. 164.024. RECORDS. An electric generator on whom the |
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tax is imposed shall keep a complete record of: |
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(1) each renewable energy tax preference the electric |
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generator receives, including the value of the preference; and |
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(2) any other information required by the comptroller. |
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SUBCHAPTER C. DISPOSITION OF PROCEEDS |
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Sec. 164.051. DISPOSITION AND USE OF PROCEEDS. The |
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comptroller shall deposit the proceeds from the tax as follows: |
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(1) 25 percent to the credit of the foundation school |
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fund; and |
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(2) the remainder to the credit of an account in the |
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general revenue fund administered by the Public Utility Commission |
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of Texas, which may be appropriated to the commission only for the |
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purpose of awarding grants or loans for innovation in electric |
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generation. |
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SECTION 2. This Act takes effect September 1, 2021. |