identify three examples of state and local government incentives in texas and houston that encourage rhe...

identify three examples of state and local government incentives in texas and houston that encourage rhe use of renewable energy or eneegy conservation by individuals

Expert Solution

Renewable energy is energy that is collected from renewable resources, which are naturally replenished on a human timescale, such as sunlight, wind, rain, tides, waves, and geothermal heat.

Below are the incentives provided in Texas, Houston to encourage the use of renewable energy:

1. Texas Tax Codes Related to Renewable Energy Systems- The state offers a 100 percent property tax exemption on the appraised value of an on-site solar, wind or biomass power generating device. Additionally, a franchise tax exemption is extended to manufacturers, sellers, or installers of solar energy devices

2. Solar and Wind-Powered Energy Devices Property Tax Exemption- Texas offers this property tax exemption that allows residents to take an exemption from taxation (using form 50-123) of the amount of the appraised value of the property that arises from the installation or construction of a solar or wind-powered energy device that is primarily for the production and distribution of thermal, mechanical, or electrical energy for on-site use, or devices used to store that energy.

Example: If your property is valued and taxed at $150,000 and you add a $15,000 system that increases the property value, the exemption applies to the added value, so with the exemption you will only be taxed on the property value before you added the system.

3. Solar Energy Devices Business Franchise Tax Exemption- A corporation in Texas engaged solely in the business of manufacturing, selling, or installing solar energy devices is exempted from the franchise tax.

4. Franchise (Business) Tax deduction for commercial and industrial purposes- Texas allows a corporation to deduct the cost of a solar energy device from the franchise tax in one of two ways: (1) the total cost of the system may be deducted from the company's taxable capital; or, (2) 10% of the system's cost may be deducted from the company's income. Both taxable capital and a company's income are taxed under the franchise tax, which is Texas's equivalent to a corporate tax.

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Rahul Sunny answered 1 year ago

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