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2012 -- S 2105 | |
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LC00334 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2012 | |
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A N A C T | |
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RELATING TO TAXATION - ALTERNATIVE FUEL TAX CREDIT | |
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Introduced By: Senators Felag, and Miller | |
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Date Introduced: January 18, 2012 | |
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Referred To: Senate Finance | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Chapter 44-30 of the General Laws entitled "Personal Income Tax" is |
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hereby amended by adding thereto the following section: |
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44-30-22.1. Tax credit for alternative fuel vehicle refueling property. – (a) There shall |
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be allowed as a credit against the tax liability imposed against a taxpayer pursuant to this chapter, |
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with respect to income years of the taxpayer commencing on or after January 1, 2013, an amount |
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equal to fifty percent (50%) of the property costs incurred by the taxpayer directly for the |
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installation of any alternative fuel vehicle refueling property used to store or dispense an |
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alternative fuel at the taxpayer's residence into the fuel tank of a motor vehicle propelled by the |
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alternative fuel. |
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(b) The alternative fuel vehicle refueling property must be installed on or after January 1, |
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2012 to be eligible for the tax credit in subsection (a). |
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(c) For the purposes of this section "alternative fuel" is defined pursuant to the Energy |
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Policy Act of 1998 (P.L. 102-486, Sec. 301 (42 U.S.C. section 13211). The definition of |
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alternative fuel shall also include bio-diesel as defined in subdivision 31-36-1(14) and ethanol |
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fuel. |
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(d) The tax administrator shall promulgate regulations to implement this section which |
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shall include, but not be limited to, requirements for documentation demonstrating proof of |
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purchase and installation of the property described in subsection (a). |
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SECTION 2. This act shall take effect upon passage. |
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LC00334 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO TAXATION - ALTERNATIVE FUEL TAX CREDIT | |
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This act would create a tax credit for the installation of alternative fuel systems. |
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This act would take effect upon passage. |
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LC00334 | |
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