§ 44-30-20 - Tax credit for installation costs to hydroelectric power developers – Legislative findings and declaration of policy. - Rhode Island Statutes

SECTION 44-30-20

   § 44-30-20  Tax credit for installationcosts to hydroelectric power developers – Legislative findings anddeclaration of policy. – (a) The general assembly recognizes and declares that because the worldwidesupply of fossil fuel and of other nonrenewable energy resources is limited, itis necessary to encourage the utilization of renewable natural resources forthe production of energy; that there are many existing dams which could beretrofitted to generate hydroelectric power; and that a major factor inhibitingthe development of hydroelectric power generation is the presently highercapital costs for new construction of hydro plants compared to conventionalthermal systems.

   (b) It is the policy of this state to support and foster thedevelopment of hydropower generating facilities by the establishment of taxincentives for those owners of existing dams who install hydroelectric powergeneration equipment.