2017 -- S 0641

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LC001028

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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 TAXATION - RESIDENTIAL RENEWABLE ENERGY SYSTEM TAX

CREDIT

     Introduced By: Senator Elaine J. Morgan

     Date Introduced: March 29, 2017

     Referred To: Senate Finance

     It is enacted by the General Assembly as follows:

     SECTION 1. Section 44-57-1 of the General Laws in Chapter 44-57 entitled "Residential

Renewable Energy System Tax Credit" is hereby amended to read as follows:

     44-57-1. Tax credit for principal or secondary residence.

     (a) An eligible person, as defined in § 44-57-3, who shall pay all or part of the cost of an

eligible renewable energy system, as defined in § 44-57-4, which is installed in a dwelling, as

defined in § 44-57-2(13), shall be entitled to a tax credit against the tax liability imposed by

chapters 11 and 30 of this title. The credit, which shall be nonrefundable, shall be computed in

accordance with § 44-57-5.

     (b) The credit shall be claimed in the tax year in which the renewable energy system is

placed into service. The credit may be claimed in the tax year the renewable energy system is

purchased if the system is placed in service by April 1 of the following tax year.

     (c) Any credit not used in accordance with subsection (b) of this section shall not be

carried over to any following year or years. may be carried over to the next tax year for a

maximum of three (3) tax years. The tax credit shall not reduce the tax in any tax year below the

minimum tax where a minimum tax is provided by law.

     (d) In the event the eligible person is a partnership, joint venture, or corporation, the

credit shall be divided in the same manner as income.

     SECTION 2. This act shall take effect upon passage.

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EXPLANATION

BY THE LEGISLATIVE COUNCIL

OF

A N   A C T

RELATING TO TAXATION - RESIDENTIAL RENEWABLE ENERGY SYSTEM TAX

CREDIT

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     This act would allow those individuals who pay part or all of the cost of a renewable

energy system to carry over the tax credit, if not used for the year of installation, to the next year

for a maximum of three (3) years.

     This act would take effect upon passage.

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