|
Senate Counsel, Research and Fiscal Analysis
|
Minnesota Senate Bldg.
|
95 University Avenue W. Suite 3300
|
St. Paul, MN 55155
|
(651) 296-4791
|
Alexis C. Stangl
|
Director
|
|
|
Senate
|
State of Minnesota
|
|
|
|
|
|
|
|
S.F. No. 728 - Residential Biomass Heating System Credit
|
|
Author:
|
Senator Mark T. Johnson
|
|
Prepared By:
|
Nora Pollock, Senate Counsel (651/297-8066)
|
|
Date:
|
February 13, 2017
|
|
|
|
|
Subdivision
|
Provision
|
1
|
Provides a temporary income tax credit for the purchase and installation of a residential biomass heating system. The credit equals $5,000, or 33% of the purchase price of the system, whichever is less. Defines “residential biomass heating system” as a certified residential wood heater or residential hydronic heater that meets specified federal regulations. The credit must be allocated for part-year residents or nonresidents.
|
2
|
Provides that the credit is refundable.
|
3
|
Appropriates sufficient funds to pay the refunds authorized in the bill.
|
4
|
Requires the commissioner of revenue to issue a report to the House and Senate chairs and ranking minority members of the tax and energy committees on the number of taxpayers claiming the credit, the average amount of credits claimed in the first year, recommendations for making the credit permanent, and the administration of the credit.
The credit is effective for tax years 2018-2022.
|
|
|
|
Check on the status of this bill
|
|
Back to Senate Counsel and Research Bill Summaries page
|
|
|
|
This page is maintained by the Office of Senate Counsel, Research, and Fiscal Analysis for the Minnesota Senate.
|
|
Last review or update: 02/13/2017
|
|
If you see any errors on this page, please e-mail us at
webmaster@senate.mn
|