TEMPE, Ariz., June 22 /PRNewswire/ -- Arizona Governor Jan Brewer today signed SB 2370, a bill that creates individual and corporate income tax credits for research and development, production and delivery system costs associated with solar liquid fuels. SB 2370 also specifies that qualified research includes only research conducted in Arizona, including research conducted at a university and paid for by the taxpayers. It is in effect from 2011 to 2026.
A signing ceremony, hosted by Arizona State University President Michael Crow, was held at ASU's Research Park.
Gary Dirks, director of LightWorks, an ASU initiative focused on solar-based energy and other light-inspired research, said passage of the bill is "great news" for the future of Arizona and the renewable energy industry in the United States.
Similar to photosynthesis, solar liquid fuel refers to the process by which concentrated solar energy is used in conjunction with carbon dioxide and water to create hydrocarbons. In addition to creating combustible fuels like methanol and ethanol, additional processing can potentially yield more traditional fuels like gasoline, diesel and jet fuel.
ASU is leading a national team of researchers that has submitted a proposal to the U.S. Department of Energy to become an Energy Innovation Hub. The $122-million Hub will explore the research and development of fuels from sunlight and will support cross-disciplinary research and development focused on the barriers to transforming energy technologies into commercially viable materials, devices and systems. ASU partners in the LightSpeed Solutions project include Sandia National Laboratories, Princeton University, Yale University and the University of Minnesota.
SOURCE Arizona State University, Media Relations