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New tax credit rules for wind turbines on non-owned land.

This bill introduces new requirements for energy companies seeking tax credits for wind power generation. If wind turbines are located on land not owned by the company, a contractual agreement with the landowner for the removal of the facility and equipment after its useful life will be mandatory. This aims to protect landowners and the environment from abandoned structures.
Key points
Energy companies must have contracts for wind turbine removal on non-owned land to claim tax credits.
Changes apply to wind facilities placed in service after the bill's enactment, providing clear rules for future investments.
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Additional Information
To amend the Internal Revenue Code of 1986 to require certain contract terms in contracts relating to wind turbines on land not owned by the taxpayer as a requirement in order to claim the credit relating to electricity produced from certain renewable resources.
Print number: HR 4151
Sponsor: Rep. Buck, Ken [R-CO-4]
Process start date: 2023-06-15