2018 -- H 7665 | |
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LC004618 | |
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STATE OF RHODE ISLAND | |
IN GENERAL ASSEMBLY | |
JANUARY SESSION, A.D. 2018 | |
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A N A C T | |
RELATING TO TAXATION -- RESIDENTIAL RENEWABLE ENERGY SYSTEM TAX | |
CREDIT | |
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Introduced By: Representatives Casimiro, Donovan, Ruggiero, Handy, and Regunberg | |
Date Introduced: February 15, 2018 | |
Referred To: House Finance | |
It is enacted by the General Assembly as follows: | |
1 | SECTION 1. Section 44-57-1 of the General Laws in Chapter 44-57 entitled "Residential |
2 | Renewable Energy System Tax Credit" is hereby amended to read as follows: |
3 | 44-57-1. Tax credit for principal or secondary residence. |
4 | (a) An eligible person, as defined in § 44-57-3, who shall pay all or part of the cost of an |
5 | eligible renewable energy system, as defined in § 44-57-4, which is installed in a dwelling, as |
6 | defined in § 44-57-2(13), shall be entitled to a tax credit against the tax liability imposed by |
7 | chapters 11 and 30 of this title. The credit, which shall be nonrefundable, shall be computed in |
8 | accordance with § 44-57-5. |
9 | (b) The credit shall be claimed in the tax year in which the renewable energy system is |
10 | placed into service. The credit may be claimed in the tax year the renewable energy system is |
11 | purchased if the system is placed in service by April 1 of the following tax year. |
12 | (c) Any credit not used in accordance with subsection (b) of this section shall not be |
13 | carried over to any the next following year or three (3) years maximum. The tax credit shall not |
14 | reduce the tax in any tax year below the minimum tax where a minimum tax is provided by law. |
15 | (d) In the event the eligible person is a partnership, joint venture, or corporation, the |
16 | credit shall be divided in the same manner as income. |
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1 | 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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1 | This act would allow carry over of residential renewable energy tax credits for a |
2 | maximum of three years. |
3 | This act would take effect upon passage. |
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