Corporate income tax credits are allowed for investments in renewable energy technologies. Eligible costs are all capital costs, operation, and maintenance costs in connection with:

1. An investment in hydrogen-powered vehicles and hydrogen vehicle fueling stations;
2. An investment in commercial stationary hydrogen fuel cells; and
3. An investment in the production, storage, and distribution of biodiesel and ethanol in the state, including the costs of constructing, installing and equipping such technologies. Gasoline fueling station pump retrofits for ethanol distribution qualify as an eligible cost.

Credits are equal to 75% of eligible costs. Eligible costs are limited to:

1. Research and development costs up to $3 million per state fiscal year for all taxpayers, in connection with an investment in hydrogen-powered vehicles and hydrogen vehicle fueling stations in the state;
2. Capital costs, operation and maintenance costs, and research and development up to $1.5 million per state fiscal year for all taxpayers, and limited to a maximum of $12,000 per fuel cell, in connection with an investment in commercial stationary hydrogen fuel cells in the state; and
3. Capital costs, operation and maintenance costs, and research and development costs up to $6.5 million per state fiscal year for all taxpayers, in connection with an investment in the production, storage, and distribution of biodiesel and ethanol.
   For tax years beginning after 2008, any corporation or subsequent transferee that is allowed a renewable energy technologies tax credit may transfer the credit, in whole or in part, to any taxpayer by written agreement without transferring any ownership interest in the property generating the credit or any interest in the entity owning such property. The transferee is entitled to apply the credits against the corporate income tax in the same manner as if the transferee had incurred the eligible costs. A tax credit held by a corporation that is not transferred may be passed through to partners, members, or owners in the manner agreed to regardless of whether such partners, members, or owners are allocated or allowed any portion of the federal energy tax credit for the eligible costs.
4. Unused credits may be carried over and used in tax years beginning January 1, 2007, and ending December 31, 2012.
   Applications for these credits must be submitted to the Department of Environmental Protection, which will issue a certification to the applicant and to the Department of Revenue. Schedule V of Form F-1120, Florida Corporate Income/Franchise and Emergency Excise Tax Return, must be completed to claim the credit.

The sunset date for this credit is December 31, 2010.