Thomson Reuters Releases Energy-Related Property Tax Incentives Update for Q3

By GlobeNewswire,  July 23, 2014, 02:41:00 PM EDT


Virginia, Minnesota Pass Solar Incentives; Tennessee Puts Brakes on Fuel Consumption

NEW YORK, July 23, 2014 - Thomson Reuters announced today that the latest ONESOURCE Property Tax overview on energy-related property tax incentives and exemptions for the third quarter of 2014 is now available.

The report, which is published quarterly, provides a bird's eye view of energy-saving tax incentives available to businesses in various U.S. locations, including California, Colorado, Texas and Washington DC.

"As American companies continue to develop and implement new, cutting-edge green technologies, tax professionals need to stay apprised of the latest exemptions written by lawmakers that entitle the companies embracing these new innovations to tax incentives," said Amy Walker, Senior Research Specialist at Thomson Reuters. "Each state has taken their own legislative steps toward promoting alternative energy, and this report pinpoints newly passed laws that could have the biggest impacts."

Sample highlights from the overview report include:

  • Solar Energy Incentives Fuel Virginia, Minnesota: Solar energy has been an exemption trend among several states this year, and that continues in Q3 in Virginia and Minnesota. Effective Jan. 1, 2015 in Virginia, solar energy equipment owned or used in operation by businesses to collect, generate, transfer, or store thermal or electric energy is exempt from real and personal property tax. Meanwhile, while Minnesota is known for their wind energy tax incentives, the state has made recent legislative changes that have increased their incentives for solar energy. Last month, the Minnesota Legislature passed an omnibus supplemental tax bill that provided taxpayers tax cuts of over one hundred million dollars, a bill that increased and extended its property tax exemption for solar energy systems.

     
  • Colorado Rushes to Sustainable Community Projects: New legislation passed by Colorado seems to both encourage solar energy use as well as community and sustainability projects. Effective Aug. 6, 2014, a new law provides a partial business personal property tax exemption for community solar gardens, and for property tax years beginning Jan. 1, 2015 and ending on Dec. 31, 2021, community solar gardens affiliated with residential, governmental, religious, educational, charitable or other nonprofit organizations qualify for a partial exemption.

     
  • The Sweet Music of Alternative Fuel: In an attempt to bolster alternative fuel production, Tennessee has recently enacted legislation that requires any facility that uses compressed or liquid propane for fueling vehicles - and is projected to relocate six thousand gallons of petroleum within a year - will be considered a green energy production facility, as long as it is certified as such by the Department of Environment and Conservation. Additionally, the department states that 100 percent of any newly-purchased motor vehicles for state use will be energy efficient or run on alternative fuels.

To read the full report, which is available for download at no cost, visit: https://tax.thomsonreuters.com/products/brands/onesource/resources/2014-property-tax-legislative-trends-in-alternative-energy.

 

AboutThomson Reuters

Thomson Reuters is the world's leading source of intelligent information for businesses and professionals. We combine industry expertise with innovative technology to deliver critical information to leading decision makers in the financial and risk, legal, tax and accounting, intellectual property and science and media markets, powered by the world's most trusted news organization. Thomson Reuters shares are listed on the Toronto and New York Stock Exchanges. For more information, go to www.thomsonreuters.com.

-End-

 

CONTACT

Brian Erni

For Thomson Reuters

631.584.2200

brian@jroderick.com
 






This announcement is distributed by NASDAQ OMX Corporate Solutions on behalf of NASDAQ OMX Corporate Solutions clients.

The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.

Source: Thomson Reuters Corporation via Globenewswire

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