Solar thermal system; tax credit. (SB142)

Introduced By

Sen. John Edwards (D-Roanoke)

Progress

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

Description

Solar thermal system tax credit. Establishes beginning in 2016 an individual and corporate income tax credit for solar energy space heating, water heating, space cooling, and industrial or commercial process heating systems placed in service. The credit would equal 30 percent of the installed cost of the system and only the ultimate consumer or user of the system would be allowed to claim the credit. The credit would not exceed (i) $500,000 for solar energy systems placed in service for any purpose other than use for a single-family dwelling or placed in service and having in excess of 120 square feet of collector area or (ii) $2,500 for every other solar energy system placed in service. The credit for solar energy systems serving other than a single-family dwelling would be claimed in three equal annual installments. The credit would expire and no further credit could be claimed if the solar energy system is disposed of, taken out of service, or moved out of the Commonwealth during any of the installment years. Under the bill, any unused credit could be carried forward for three taxable years. The credit program would sunset in 2021. Read the Bill »

Outcome

Bill Has Failed

History

DateAction
12/29/2015Prefiled and ordered printed; offered 01/13/16 16101921D
12/29/2015Referred to Committee on Finance
01/29/2016Impact statement from TAX (SB142)
02/09/2016Continued to 2017 in Finance (14-Y 1-N) (see vote tally)
12/02/2016Left in Finance