Qualifying utilities that provide incentive payments to owners of qualifying covered commercial buildings or multifamily residential buildings.
The qualifying utility does not need to apply to the Dept. of Revenue (DOR) to receive the credit. DOR will automatically issue a public utility tax (PUT) credit to an eligible taxpayer’s account based on information it receives from the Dept. of Commerce.
- No application.
- Credits are not refundable.
- Taxpayers who claim the PUT credit on their public utility tax return are eligible to complete a worksheet (within the return) documenting administrative costs incurred. The administrative costs may qualify for additional credit (not to exceed 8% of the incentives paid).
- Credits must be claimed in the calendar year in which they are earned or within the following two calendar years.
- Electronic filing is required.
- There is no annual report to file.
Total incentive payments paid to all building owners may not exceed $75 million over the course of the program.
Expires June 30, 2032.
For questions about the credit, call Taxpayer Account Administration at 360-705-6218.