Income tax, state, and property tax; exemption for substantial-capacity solar equipment. (HB256)

Introduced By

Del. Elizabeth Guzman (D-Dale City)

Description

Individual income tax credit and property tax exemption for substantial-capacity solar equipment. Provides an individual income tax credit and a mandatory property tax exemption for substantial-capacity solar equipment. The bill defines "substantial-capacity solar equipment" and requires a taxpayer to obtain certification from his local building department that such equipment is eligible for exemption. Current law provides an exemption for a broader category of solar energy equipment, facilities, or devices; however, such exemption is permissive for localities and may be partial or full. The bill provides that a person may claim an income tax credit for his costs associated with substantial-capacity solar equipment if he includes his certification with his tax return. The amount of the credit is the least of $10,000, 10 percent of the equipment's installed cost, or the person's tax liability. The bill provides that the Department of Taxation shall issue no more than $500,000 in credits per taxable year, and it does not allow taxpayers to carry unused credit forward. The credit sunsets after taxable year 2022. Read the Bill »

Outcome

History