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2013 -- S 0817 | |
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LC02054 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2013 | |
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A N A C T | |
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RELATING TO TAXATION - RESIDENTIAL RENEWABLE ENERGY SYSTEM TAX | |
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CREDIT | |
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Introduced By: Senators Cool Rumsey, Goldin, Kettle, and Archambault | |
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Date Introduced: April 04, 2013 | |
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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. 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 section 44-57-3, who shall pay all or part of the cost of an eligible renewable energy |
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system, as defined in section 44-57-4, which is installed in a dwelling, as defined in section 44- |
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57-2(13), shall be entitled to a tax credit against the tax liability imposed by chapters 11 and 30 of |
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this title. The credit, which shall be nonrefundable, shall be computed in accordance with section |
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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 |
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carried over to |
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reduce the tax in any tax year below the 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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LC02054 | |
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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 - RESIDENTIAL RENEWABLE ENERGY SYSTEM TAX | |
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CREDIT | |
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This act would permit the residential renewable energy system tax credit to be carried |
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forward for an additional two (2) years. |
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This act would take effect upon passage. |
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LC02054 | |
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