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2018 SESSION
HB 256 Income tax, state, and property tax; exemption for substantial-capacity solar equipment.
Introduced by: Elizabeth R. Guzman | all patrons ... notes | add to my profiles
SUMMARY AS INTRODUCED:
Individual income tax credit and property tax exemption for substantial-capacity solar equipment. Provides an individual income tax credit and a mandatory property tax exemption for substantial-capacity solar equipment. The bill defines "substantial-capacity solar equipment" and requires a taxpayer to obtain certification from his local building department that such equipment is eligible for exemption. Current law provides an exemption for a broader category of solar energy equipment, facilities, or devices; however, such exemption is permissive for localities and may be partial or full.
The bill provides that a person may claim an income tax credit for his costs associated with substantial-capacity solar equipment if he includes his certification with his tax return. The amount of the credit is the least of $10,000, 10 percent of the equipment's installed cost, or the person's tax liability. The bill provides that the Department of Taxation shall issue no more than $500,000 in credits per taxable year, and it does not allow taxpayers to carry unused credit forward. The credit sunsets after taxable year 2022.
FULL TEXT
HISTORY
- 01/02/18 House: Prefiled and ordered printed; offered 01/10/18 18103692D
- 01/02/18 House: Referred to Committee on Finance
- 01/25/18 House: Assigned Finance sub: Subcommittee #3
- 02/02/18 House: Subcommittee recommends passing by indefinitely (5-Y 3-N)
- 02/13/18 House: Left in Finance