2015 -- H 5997

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LC001932

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2015

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A N   A C T

RELATING TO STATE AFFAIRS AND GOVERNMENT -- SOLAR INDUSTRY

ECONOMIC INVESTMENT ACT

     

     Introduced By: Representatives McNamara, Malik, Azzinaro, Lancia, and Filippi

     Date Introduced: March 27, 2015

     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. – (a) Definitions. For the purpose of

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this section "small business" shall be defined as a person, partnership, corporation, or other form

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of business entity independently owned and operated, not dominant in its field and which

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business employs five hundred (500) or fewer employees and has its principal place of business

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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 said 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. – The state shall make available to any qualified

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individuals any of its facilities or land for the purpose of creating solar energy farms. The

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secretary of commerce shall establish rules and regulations to assist in the administration of this

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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. – (a) Any company

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primarily engaged in solar energy research and development or manufacturing and sale of solar

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energy products which pays its employees that work a minimum of thirty (30) hours per week

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within the state a median annual wage equal or greater than one hundred and twenty-five percent

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(125%) of the average annual wage paid by all employers in the state to employees that work a

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minimum of thirty (30) hours per week within the state, and provides benefits typical to the solar

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energy production industry, shall be allowed a credit of ten percent (10%) of the cost or other

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basis for federal tax purposes of tangible personal property and other tangible property, including

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buildings and structural components of buildings acquired, constructed, reconstructed, or leased

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with situs in Rhode Island and principally used in the production of solar energy products after

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December 31, 2015.

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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 opportunities for investment in solar energy and solar energy

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product suppliers and manufacturers.

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     This act would take effect upon passage.

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