SF 2974

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

A bill for an act
relating to energy; providing an income or franchise tax credit for installation
of solar thermal equipment; appropriating money; 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 [290.0681] SOLAR THERMAL INSTALLATION CREDIT.
new text end

new text begin Subdivision 1. new text end

new text begin Definitions. new text end

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

new text begin (b) "Solar thermal" means a flat plate or evacuated tube with a fixed orientation that
collects the sun's radiant energy and transfers it to a storage medium for distribution as
energy to heat or cool air or water.
new text end

new text begin (c) "Qualified solar thermal expenditures" means expenditures for the purchase and
installation of solar thermal equipment in residential, commercial, or industrial property
located in this state that is installed after July 1, 2008, and before July 1, 2011, and meets
the requirements of section 216C.25. Qualified solar thermal expenditures do not include
expenditures for equipment used to heat water used in a hot tub or swimming pool, or
for domestic use if less than half of the energy used by the residence for that purpose
is derived from the sun.
new text end

new text begin (d) "Residential property" means the principal residence used by the taxpayer at the
time the solar thermal equipment is placed in service.
new text end

new text begin Subd. 2. new text end

new text begin Credit allowed. new text end

new text begin A taxpayer is allowed a credit against the tax imposed
under this chapter equal to 30 percent of qualified solar thermal expenditures, not to
exceed $6,500.
new text end

new text begin Subd. 3. new text end

new text begin Credit refundable. new text end

new text begin If the amount of credit which the taxpayer is eligible
to receive under this section exceeds the individual's tax liability under this chapter, the
commissioner shall refund the excess to the taxpayer.
new text end

new text begin Subd. 4. new text end

new text begin Appropriation. new text end

new text begin An amount sufficient to pay the refunds required by this
section is appropriated to the commissioner from the general fund.
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