Texas SB2423 imposes a tax on renewable energy project developers receiving federal tax credits, equal to the amount of the federal tax credits.

The bill, Texas SB2423, introduces a tax on entities in Texas that develop renewable energy projects and receive federal tax credits. The tax amount equals the federal tax credits received. These entities must report the tax amount and other required information to the comptroller by April 15 each year. The tax proceeds are allocated, with 25% going to the foundation school fund and the remainder to the general revenue fund. The bill takes effect September 1, 2025.

Texas SB2423 imposes a tax on renewable energy project developers receiving federal tax credits, equal to the amount of the federal tax credits.

The bill, Texas SB2423, introduces a tax on entities in Texas that develop renewable energy projects and receive federal tax credits. The tax amount equals the federal tax credits received. These entities must report the tax amount and other required information to the comptroller by April 15 each year. The tax proceeds are allocated, with 25% going to the foundation school fund and the remainder to the general revenue fund. The bill takes effect September 1, 2025.