2012 -- H 7070

=======

LC00160

=======

STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2012

____________

A N A C T

RELATING TO TAXATION -- PERSONAL INCOME TAX

     

     

     Introduced By: Representatives Walsh, Valencia, E Coderre, Naughton, and Handy

     Date Introduced: January 11, 2012

     Referred To: House Finance

It is enacted by the General Assembly as follows:

1-1

     SECTION 1. Chapter 44-30 of the General Laws entitled "Personal Income Tax" is

1-2

hereby amended by adding thereto the following section:

1-3

     44-30-28. Tax credit for installation of cisterns. Any individual or business that

1-4

installs a cistern on their property to collect rainwater for use in their home or business shall be

1-5

entitled to a state income tax credit of ten percent (10%) of the cost of installing the cistern not to

1-6

exceed one thousand dollars ($1,000). Each entity shall be allowed only one tax credit over the

1-7

life of the cistern unless they are replacing an existing cistern with a larger cistern and have not

1-8

received the maximum tax credit of one thousand dollars ($1,000).

1-9

     For purposes of this chapter, a cistern shall be defined as a container holding fifty (50) or

1-10

more gallons of diverted rainwater or snow melt, either above or below ground, which shall be

1-11

covered to prevent anyone from falling into it.

1-12

     SECTION 2. This act shall take effect upon passage.

     

=======

LC00160

========

EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N A C T

RELATING TO TAXATION -- PERSONAL INCOME TAX

***

2-1

     This act would provide for a state income tax credit of ten percent (10%) of the cost of

2-2

installing a cistern on one's property located in the state.

2-3

     This act would take effect upon passage.

     

=======

LC00160

=======

H7070