(a)  A hydroelectric power developer will be allowed an income tax credit for the installation costs of a small hydroelectric power production facility.

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(b)  For the purposes of this section, a hydroelectric power developer shall be allowed a non-refundable state income tax credit in the amount of ten percent (10%) of the installation costs of a hydropower facility. This credit shall be limited to five hundred thousand dollars ($500,000) in expenditures for a maximum income tax credit of fifty thousand dollars ($50,000). This income tax credit shall be allowed as either a personal or a corporate income tax credit, depending on the hydropower developer’s income tax filing status on the last day of his or her income tax filing period; provided, that if the installation costs were incurred by a corporation, then a non-refundable corporate income tax credit shall be allowed, and if installation costs were not incurred by a corporation, then a non-refundable personal income tax credit shall be allowed. In no event shall both a corporate and personal non-refundable income tax credit be allowed for installation costs at a single dam site.