Texas Tax Code

§ 171.602 — TAX CREDIT FOR CLEAN ENERGY PROJECT

TX § 171.602Title 2. STATE TAXATION · Part F. FRANCHISE TAX; CREDITS · Ch. 171. FRANCHISE TAX · Art. L. TAX CREDIT FOR CLEAN ENERGY PROJECT

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(a)The comptroller shall adopt rules for issuing to an entity implementing a clean energy project in this state a credit against the tax imposed under this chapter. A clean energy project is eligible for a credit only if the project is implemented in connection with the construction of a new facility.

(b)The comptroller shall issue a credit to an entity operating a clean energy project after:

(1)the Railroad Commission of Texas has issued a certificate of compliance for the project to the entity as provided by Section 120.004, Natural Resources Code;

(2)the construction of the project has been completed;

(3)the electric generating facility associated with the project is fully operational;

(4)the Bureau of Economic Geology of The University of Texas at Austin verifies to the comptroller that the electric generating facility associated with the project is sequestering at least 70 percent of the carbon dioxide resulting from or associated with the generation of electricity by the facility; and

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