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HF 4115

as introduced - 85th Legislature (2007 - 2008) Posted on 12/15/2009 12:00am

KEY: stricken = removed, old language.
underscored = added, new language.

Bill Text Versions

Engrossments
Introduction Posted on 03/25/2008

Current Version - as introduced

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A bill for an act
relating to taxation; allowing a credit for certain energy conservation
improvements and alternative energy investments; amending Minnesota Statutes
2006, section 290.06, by adding a subdivision.

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

Section 1.

Minnesota Statutes 2006, section 290.06, is amended by adding a
subdivision to read:


new text begin Subd. 34. new text end

new text begin Residential and alternative energy credit. new text end

new text begin (a) An individual is allowed
a credit against the tax imposed under this chapter equal to the sum of the federal credits
under sections 25C and 25D of the Internal Revenue Code, as amended through December
31, 2007, for expenditures made during the taxable year. The credit under this subdivision
applies and is in effect without regard to whether the credit allowed under sections 25C or
25D of the Internal Revenue Code applies or is in effect for the taxable year.
new text end

new text begin (b) The lifetime limitation on the maximum amount of the credit under section
25C(b)(1) applies to each taxable year in calculating the credit under this section.
new text end

new text begin (c) The credit under this subdivision is limited to the liability for tax under this
section and section 290.091 for the taxable year.
new text end

new text begin (d) If the credit under this subdivision for the taxable year exceeds the limitation
under paragraph (c), the excess is a carryover to each of the five succeeding taxable years.
The entire amount of the excess unused credit for the taxable year must be carried first
to the earliest of the taxable years to which the credit may be carried and then to each
successive year to which the credit may be carried. The amount of the unused credit which
may be added under this clause must not exceed the taxpayer's liability for tax less the
credit under this subdivision for the taxable year.
new text end

new text begin EFFECTIVE DATE. new text end

new text begin This section is effective for taxable years beginning after
December 31, 2007.
new text end