SF 1558

Introduction - 83rd Legislature (2003 - 2004)

Posted on 12/15/2009 12:00 a.m.

  1.1                          A bill for an act 
  1.2             relating to taxation; providing a tax credit for 
  1.3             alternative energy production; amending Minnesota 
  1.4             Statutes 2002, section 290.06, by adding a subdivision.
  1.5   BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA: 
  1.6      Section 1.  Minnesota Statutes 2002, section 290.06, is 
  1.7   amended by adding a subdivision to read: 
  1.8      Subd. 29.  [CREDIT; ELECTRICITY FROM RENEWABLE 
  1.9   RESOURCES.] (a) A credit is allowed against liability for tax 
  1.10  for the taxable year equal to the credit allowed the taxpayer 
  1.11  under section 45 of the Internal Revenue Code. 
  1.12     (b) The credit allowed under this subdivision is limited to 
  1.13  the liability for tax for the taxable year.  If the amount of 
  1.14  the credit exceeds this limitation, the excess is a credit 
  1.15  carryover to each of the 15 succeeding taxable years.  The 
  1.16  entire amount of the excess must be carried first to the 
  1.17  earliest of the taxable years to which the credit may be 
  1.18  carried.  The amount of the unused credit which may be added 
  1.19  under this paragraph may not exceed the liability for tax, less 
  1.20  the credit for the taxable year. 
  1.21     (c) No credit is allowed under this subdivision if the 
  1.22  credit would be treated as a credit under section 
  1.23  45(b)(3)(A)(iv) of the Internal Revenue Code. 
  1.24     (d) For purposes of this subdivision, the "liability for 
  1.25  tax" for taxable year equals the tax imposed under sections 
  2.1   290.02, 290.03, 290.091, and 290.0921. 
  2.2      [EFFECTIVE DATE.] This section is effective for facilities 
  2.3   placed in service after the day following final enactment and 
  2.4   for taxable years beginning after December 31, 2003.