2017 -- H 5123

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LC000547

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2017

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A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- SOLAR INDUSTRY

ECONOMIC INVESTMENT ACT

     

     Introduced By: Representatives McNamara, Azzinaro, McLaughlin, Fogarty, and Vella-
Wilkinson

     Date Introduced: January 13, 2017

     Referred To: House Finance

     It is enacted by the General Assembly as follows:

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     SECTION 1. Chapter 42-64 of the General Laws entitled "Rhode Island Commerce

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Corporation" is hereby amended by adding thereto the following sections:

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     42-64-13.3. Solar energy -- Roof top installations.

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     (a) Definitions. For the purposes of this section "small business" shall be defined as a

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person, partnership, corporation, or other form of business entity independently owned and

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operated, not dominant in its field and which business employs five hundred (500) or fewer

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employees and has its principal place of business located in the state of Rhode Island.

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     (b) Revolving fund. There is hereby established a revolving fund for the following

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purpose:

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     (1) Low interest loans shall be made available to any small business for the purposes of

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financing the installation of solar panels in order to provide energy for the business.

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     (2) Grants shall be made available to any other business for the purposes of financing the

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installation of solar panels if that business employs and maintains a level of employment of five

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hundred (500) or fewer employees.

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     42-64-13.4. Solar energy farms.

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     The state shall make available to any qualified individuals any of its facilities or land for

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the purpose of creating solar energy farms. The secretary of commerce shall establish rules and

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regulations to assist in the administration of this section.

 

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     SECTION 2. Title 44 of the General Laws entitled "TAXATION" is hereby amended by

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adding thereto the following chapter:

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CHAPTER 31.4

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SOLAR ENERGY PRODUCTION TAX CREDIT

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     44-31.4-1. Solar energy production investment tax credit.

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     Any company primarily engaged in solar energy research and development or

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manufacturing and sale of solar energy products which pays its employees that work a minimum

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of thirty (30) hours per week within the state a median annual wage equal to or greater than one

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hundred and twenty-five percent (125%) of the average annual wage paid by all employers in the

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state to employees that work a minimum of thirty (30) hours per week within the state, and

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provides benefits typical to the solar energy production industry, shall be allowed a credit of ten

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percent (10%) of the cost or other basis for federal tax purposes of tangible personal property and

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other tangible property, including buildings and structural components of buildings acquired,

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constructed, reconstructed, or leased with situs in Rhode Island and principally used in the

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production of solar energy products after December 31, 2017.

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     SECTION 3. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- SOLAR INDUSTRY

ECONOMIC INVESTMENT ACT

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     This act would establish a revolving fund to provide low interest loans and grants to

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support the installation of solar energy panels. The act would also establish a tax credit for

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companies involved in solar energy production.

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     This act would take effect upon passage.

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