Renewable energy property; tax credit for property placed in service. (HB1632)

Introduced By

Del. Rip Sullivan (D-Arlington)

Progress

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

Description

Renewable energy property tax credit. Establishes beginning in taxable year 2017 a tax credit for renewable energy property placed in service. The bill defines renewable energy property as certain biomass equipment that uses renewable biomass resources, combined heat and power systems using waste heat to produce electricity or thermal or mechanical energy, certain geothermal equipment, hydroelectric generators located at existing dams or in free-flowing waterways, solar energy equipment, and wind equipment that is required to capture and convert wind energy into electricity or mechanical power. The credit would equal 35 percent of the installed cost of the renewable energy property. However, the aggregate amount of credit allowed to each person for placing into service renewable energy property during the taxable year would not exceed the lesser of (i) 50 percent of the amount of the state corporate income tax, license tax on certain public utility companies, or license tax on insurance companies imposed upon the person for the year or (ii) $15,000. Only the ultimate consumer or user of the renewable energy property would be allowed to claim the credit. The credit would be required to be claimed in five equal annual installments beginning with the taxable year in which the property was placed in service. The credit would expire and no further credit could be claimed if the renewable energy property was disposed of, taken out of service, or moved out of the Commonwealth during any of the installment years. The Department of Taxation would issue the tax credits. The Department would be authorized to issue $5 million in tax credits each fiscal year. Any unused credit could be carried forward for five taxable years. The credit would sunset in 2022. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
01/04/2017Committee
01/04/2017Prefiled and ordered printed; offered 01/11/17 17100900D
01/04/2017Referred to Committee on Finance
01/20/2017Assigned Finance sub: Subcommittee #2
01/21/2017Impact statement from TAX (HB1632)
01/25/2017Subcommittee recommends laying on the table
02/07/2017Left in Finance