HF 1336

as introduced - 86th Legislature (2009 - 2010) Posted on 02/09/2010 01:48am

A bill for an act
relating to taxation; income taxes; providing for a small wind turbine investment
tax credit; proposing coding for new law in Minnesota Statutes, chapter 290.

BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF MINNESOTA:

Section 1.

new text begin [290.0678] SMALL WIND TURBINE INVESTMENT TAX CREDIT.
new text end

new text begin Subdivision 1. new text end

new text begin Credit allowed. new text end

new text begin An individual taxpayer is allowed a credit, not to
exceed $1,500, against the tax due under this chapter equal to 30 percent of the amount
paid during the taxable year for qualifying small wind energy property placed in service
during the taxable year.
new text end

new text begin Subd. 2. new text end

new text begin Definitions. new text end

new text begin (a) For purposes of this section, the following terms have
the meanings given.
new text end

new text begin (b) "Qualifying small wind energy property" means real or personal property that
uses a qualifying small wind turbine to generate electricity for a residence or farm.
new text end

new text begin (c) "Qualifying small wind turbine" means a wind turbine that has a nameplate
capacity of not more than 100 kilowatts.
new text end

new text begin Subd. 3. new text end

new text begin Carryover provision. new text end

new text begin If the credit provided under this subdivision exceeds
the tax liability of the taxpayer for the taxable year, the excess amount of the credit may
be carried over to each of the five taxable years succeeding the taxable year. The entire
amount of the credit must be carried to the earliest taxable year to which the amount may
be carried. The unused portion of the credit must be carried to the following taxable year.
No credit may be carried to a taxable year more than five years after the taxable year
in which the credit was earned.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for expenditures in taxable years
beginning after December 31, 2008, and before December 31, 2016.
new text end