Quick facts about law offering tax incentives for renewable energy manufacturing firms

by Adnan Alam

By Cronkite News Service

Here are quick facts about a state law that will offer tax incentives for renewable energy manufacturing firms to set up shop in Arizona:

  _ Source: SB 1403, authored by Sen. Barbara Leff, R-Paradise Valley. Reps. Lucy Mason, R-Prescott, and Michele Reagan, R-Scottsdale, joined Leff as primary sponsors.

_ Takes Effect: Jan. 1.

_ What It Does: Provides income and property tax incentives for new or expanded renewable energy businesses in Arizona.

_ Who Gets Incentives: Companies that manufacture components for solar, wind or geothermal energy production.

_ Catches: Companies must pay more than half of their employees one and a quarter times the average wage in the state. They must provide 80 percent coverage of health care costs for full-time employees.