Limiting Tax Credits for Renewable Energy on Farmland
The new FARM Act aims to restrict tax credits for large-scale solar and wind power facilities built on agricultural land. This means energy companies will no longer receive government financial support for such investments, potentially impacting the development of renewable energy on farming areas.
Key points
The act prohibits public utilities from receiving tax credits for large solar energy equipment placed on agricultural land.
Similarly, tax credits will no longer apply to electricity produced by wind facilities built by public utilities on agricultural land.
These changes apply to facilities put into service after the act's enactment, potentially affecting future energy projects on agricultural land.
Status:
Introduced
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