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S.F. No. 1657 - Tax Credit for Certain Energy Improvements
 
Author: Senator Kevin L. Dahle
 
Prepared By: Nora Pollock, Senate Counsel (651/297-8066)
 
Date: March 23, 2015



 

This bill establishes a nonrefundable tax credit for family farm business entities and small businesses for qualifying project costs of specified energy systems, effective beginning in tax year 2015.  Project costs include labor and direct costs for preparation, assembly, and installation of equipment and components of and design for geothermal heath exchanges, smaller wind turbines, solar thermal arrays, or storage systems, all of which are defined in the bill.  These qualifying systems must be installed by a small business in a rural area as defined under federal regulations, or by a family farm business entity.  The credit allowed is 30 percent of project costs per system installed and placed in service in the taxable year.  The credit is nonrefundable but may be carried forward for up to three years. 

 
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