Bill establishes tax credit for energy R&D facility (Jacksonville)

A proposed state law that would establish an annual tax credit for the construction and development of a $50 million, high-tech turbine research facility at Kennedy Space Center is working its way through House and Senate committees.

Senate Bill 2578/HB 1457 — also known as the Advanced Clean Energy Development Tax Credit Bill — would create a $3 million annual tax credit for a total of $27 million in tax credits.

The credits would be used for the planning, design and construction of the advanced clean energy research facility.

In addition, at least $20 million would go toward buying the land needed for the facility and the lease or purchase of equipment and machinery needed for the research, which focuses on improving the efficiency, reducing costs and limiting emissions from gas turbines used to produce energy.

Read the full story in the Jacksonville Business Journal.