New Florida law creates renewable energy production tax credit

New legislation, which was allowed to become law without Florida Gov. Rick Scott's signature, contains several provisions relating to renewable energy, energy efficiency and alternative fuels for motor vehicles.

Among these provisions is a renewable energy production credit against the corporate income tax based on $0.01/kWh of renewable energy produced. The cap is $1 million per corporation and $5 million for state fiscal year 2012-2013, which is increased to $10 million for 2013-2014 through 2016-2017, with provisions for prorating credits if claims exceed the annual cap.

Virginia: McDonnell announces 2012 energy policy agenda

As part of his effort to make Virginia the "energy capital of the East Coast," Gov. Bob McDonnell issued his energy policy agenda for the 2012 General Assembly session on Thursday, including money to develop wind energy off the coast, a fund to begin converting the state's fleet of vehicles to alternative fuels, and incentives for utilities to invest in renewable energy research.

"Only by aggressively developing all types of energy and removing bureaucratic hurdles to this development will we be able to meet our energy needs and reduce our nation's dependence upon foreign sources of energy," McDonnell said.