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2010 SESSION

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HB 1044 Income tax, state; renewable energy property and energy audit tax credit.

Introduced by: Kaye Kory | all patrons    ...    notes | add to my profiles

SUMMARY AS INTRODUCED:

Income tax; renewable energy property and energy audit tax credit.  Grants an income tax credit for taxable years beginning on or after January 1, 2010, to individuals for renewable energy property and residential energy audits as follows: Solar panels tax credits - $1.25/watt for first 2,000 watts; $0.75/watt for 2,001‐8,000 watts; $0.25/watt for 8,001‐20,000 watts; not to exceed $10,500. Solar hot water tax credit - up to $2,000. Geothermal heat pumps - 10 percent of installed cost up to $3,000 tax credit. Residential energy audits - 50 percent of cost up to $250 tax credit; one per five-year period. The bill also grants an income tax credit for taxable years beginning on or after January 1, 2010, to commercial business taxpayers for renewable energy property and energy audits as follows: Solar panels tax credit - $1.25/watt for first 2,000 watts; $0.75/watt for 2,001‐8,000 watts; $0.25/watt for 8,001‐20,000 watts; not to exceed $2.5 million. Solar hot water tax credit - 25 percent of installed cost up to $10,000. Geothermal heat pumps tax credit - 10 percent of installed cost up to $10,000. Commercial building energy audit - 50 percent of cost up to $500 tax credit; one per five-year period.


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