This division of administrative rules applies to all applicants
for the Business Energy Tax Credit for Renewable Energy Resource Equipment
Manufacturing ("Manufacturing BETC") as provided under Oregon Revised Statutes
ORS 285C.540 through
285C.559, and ORS
315.341,
356, Oregon Law 2011 CH. 474 HB2523 and
2012 CH. 45 HB4079. These rules apply to all applications pending as of the
effective date of these rules.
(1)
Amount of Tax Credit. Qualified Oregon facilities that manufacture renewable
energy resource equipment may be eligible for a tax credit equal to 50% of
maximum eligible cost. Costs are limited up to $2.5 million for a facility used
to manufacture electric vehicles or component parts of electric vehicles and up
to $40 million in the case of any other eligible facility.
(2) Application Review. Application for the
Manufacturing BETC is subject to detailed technical and financial review of the
project. The Applicant is also required to sign a performance contract with
measures that include job creation requirements, job retention requirements and
other economic or operational benchmarks as determined by the
Department.
(3) Certification of
Cost for Tax Credit. The Director shall issue a final certificate pursuant to
ORS 285C.553 before the tax credit
can be claimed. The Director shall determine the dollar amount certified for
any facility and the priority between applications for certification based upon
the criteria contained in ORS
285C.540 to
285C.559 and applicable rules
and standards adopted under ORS
285C.540 to
285C.559. The Director may
consider the status of a facility as a research, development or demonstration
facility of new renewable resource generating and conservation technologies in
the determination.
(4) Use of Tax
Credit. The tax credit may be offset against Oregon income and corporation
excise taxes owed pursuant to ORS
315.341. An Applicant qualifying
for the tax credit may transfer the tax credit through the pass-through option
in return for a discounted cash payment from a qualified pass-through
partner.
