IRS Form Change Affects Coops
Posted on Apr 10, 2012 in Tax | Comments Off on IRS Form Change Affects Coops
An Internal Revenue Service (IRS) change could affect the way that electric coops report capital credits on federal tax forms. The change affects Form 990, which organizations exempt from federal income taxes must file annually to provide their financial information to the government. New language in the instructions of Form 990 states that “patronage dividends paid” by tax-exempt...
South Dakota Legislature Passes Law Changing How Coops Are Taxed
Posted on Mar 2, 2012 in Legislative & Politics, Tax | Comments Off on South Dakota Legislature Passes Law Changing How Coops Are Taxed
Following a 31-2 vote in the South Dakota Senate, S.B. 123 is headed to the governor’s desk for signature. If the bill is signed into law, rural electric coops will be taxed based exclusively on the total number of kilowatt-hours delivered to customers. Coops support this bill because it is designed to limit future tax increases. The Daily Republic has been following this...
Thirteen Coops Rewarded IRS CREBs
Posted on Mar 22, 2011 in Regulation & Policy, Tax | Comments Off on Thirteen Coops Rewarded IRS CREBs
The Internal Revenue Service has announced the allocation of $190,795,445 in bonding authority for 13 electric cooperative projects under the New Clean Renewable Energy Bonds (CREB) program. The CREB program, which was created by the Energy Policy Act of 2005, was implemented to allow coops to better integrate renewable energy by addressing their inability, as not-for-profit entities,...
No Climate Change Tax Break for South Dakota Coops
Posted on Feb 26, 2011 in Climate Change, Legislative & Politics, Tax | Comments Off on No Climate Change Tax Break for South Dakota Coops
Due to the structure of South Dakota’s tax system, coops are concerned that they will be taxed on the costs of the upgrades that may be required by climate change laws. South Dakota legislators voted against a measure that would have provided for an exemption for such upgrades. Aberdeen News has the full story.
Cooperatives to Push for Clean Renewable Energy Bonds Program
Posted on Dec 17, 2010 in Legislative & Politics, Project Development, Tax | Comments Off on Cooperatives to Push for Clean Renewable Energy Bonds Program
Platts reports that municipal and cooperative utility associations (including the NRECA) will lobby next year for the Clean Renewable Energy Bonds program, which provides tax credit bonds for low-carbon renewable energy projects. The program was not extended in the recent tax legislation that Congress passed last Thursday.
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