Arizona’s tax agency improperly excluded investment tax credits from the valuation of renewable energy equipment, violating state property tax law, the Arizona Court of Appeals said. The value of an investment tax credit deferred as a tax asset applies to Agua Caliente Solar LLC’s property under an Arizona law that governs tax valuation of renewable energy equipment, the Tuesday opinion said, reversing summary judgment for the Arizona Department of Revenue. The renewable energy equipment is used at a solar-electricity power-generation facility.Agua received more than $465 million in investment tax credits that it passed along to its owner AC Solar …
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