People and businesses generating and distributing electricity from renewable energy sources will get a slew of incentives, including ten-year income tax holidays and 150 per cent tax deductions on related loans.
In addition, individuals who pursue Government-approved training in renewable energy and energy efficient systems will have those expenses tax-deducted along with eligible companies, which will not only get a ten-year tax break but a 150 per cent deduction on money spent for training staff.
These are some of the key components of eight proposed amendments to the Income Tax Act along with the inclusion of a new schedule that will be debated today from 10 a.m. in the House of Assembly.
It will be the first prong of a major renewable and alternate energy initiative that will also include concessions for people who sell electricity to the national grid under the new
Electric Light And Power Bill – expected to be debated later this month – that will set up a licensing regime for entities generating electricity from renewable energy.
Exerpts from Nation News