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House Bill 1226


House Bill 1226

ARCHIVE (2000)

Latest Information

 

DIGEST OF INTRODUCED BILL


Renewable energy tax credit. Provides that a taxpayer who owns an existing building or purchases a new building is entitled to a credit against the taxpayer's state tax liability if the taxpayer installs a qualified energy system in a building located in Indiana. Defines "qualified energy system" to include solar energy systems, geothermal systems, hydroelectric systems, and certain energy conservation measures. Provides that in the case of a qualified energy system installed in a single family dwelling, the amount of the credit equals the lesser of: (1) $3,000; or (2) 25% of the costs of the qualified energy system and its installation. Provides that in the case of a qualified energy system installed in a building that is not a single family dwelling, the amount of the credit equals the lesser of: (1) $10,000; or (2) 25% of the costs of the qualified energy system and its installation. Provides that any amount of the credit that exceeds a taxpayer's state tax liability for a taxable year may be carried forward to succeeding taxable years. Requires the department of commerce to adopt rules for determining if an energy system is a qualified energy system. Requires a taxpayer to obtain a qualified energy system certificate from the department of commerce in order to claim the credit for a particular energy system.
Current Status:
 In Committee - first House
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