2016 -- H 7994

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LC005232

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     STATE OF RHODE ISLAND

IN GENERAL ASSEMBLY

JANUARY SESSION, A.D. 2016

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A N   A C T

RELATING TO TAXATION - RESIDENTIAL RENEWABLE ENERGY SYSTEM TAX

CREDIT

     

     Introduced By: Representatives Price, and Costa

     Date Introduced: March 24, 2016

     Referred To: House Finance

     It is enacted by the General Assembly as follows:

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

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

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     44-57-1. Tax credit for principal or secondary residence. -- (a) An eligible person, as

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defined in § 44-57-3, who shall pay all or part of the cost of an eligible renewable energy system,

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as defined in § 44-57-4, which is installed in a dwelling, as defined in § 44-57-2(13), shall be

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entitled to a tax credit against the tax liability imposed by chapters 11 and 30 of this title. The

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credit, which shall be nonrefundable, shall be computed in accordance with § 44-57-5.

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

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

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

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

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

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

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minimum tax where a minimum tax is provided by law.

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

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credit shall be divided in the same manner as income.

 

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     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

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

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for a maximum of three (3) years.

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     This act would take effect upon passage.

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