Income tax, state; renewable energy property and energy audit tax credits. (HB1542)

Introduced By

Del. Kaye Kory (D-Falls Church)

Progress

Introduced
Passed Committee
Passed House
Passed Senate
Signed by Governor
Became Law

Description

Income tax; renewable energy property and energy audit tax credits.  Grants an income tax credit for taxable years beginning on or after January 1, 2012, to individuals for renewable energy property and residential energy audits as follows: Solar panels tax credit - $1.25/watt for first 2,000 watts; $0.75/watt for 2,001‐8,000 watts; $0.25/watt for 8,001‐20,000 watts; not to exceed $10,500. Solar hot water tax credit - up to $2,000. Geothermal heat pumps - 10 percent of installed cost up to $3,000 tax credit. Residential energy audits - 50 percent of cost up to $250 tax credit; one per five-year period. The bill also grants an income tax credit for taxable years beginning on or after January 1, 2012, to commercial business taxpayers for renewable energy property and energy audits as follows: Solar panels tax credit - $1.25/watt for first 2,000 watts; $0.75/watt for 2,001‐8,000 watts; $0.25/watt for 8,001‐20,000 watts; not to exceed $2.5 million. Solar hot water tax credit - 25 percent of installed cost up to $10,000. Geothermal heat pumps tax credit - 10 percent of installed cost up to $10,000. Commercial building energy audit - 50 percent of cost up to $500 tax credit; one per five-year period. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/03/2011Committee
01/03/2011Prefiled and ordered printed; offered 01/12/11 11101664D
01/03/2011Referred to Committee on Finance
01/17/2011Assigned Finance sub: #3
01/20/2011Impact statement from TAX (HB1542)
01/28/2011Subcommittee recommends laying on the table
02/08/2011Left in Finance