|BILL AS INTRODUCED||2007-2008|
Introduced by Representatives Fisher of Lincoln, Copeland-Hanzas of Bradford, Donahue of Northfield, Haas of Rochester, Masland of Thetford, Mrowicki of Putney, Orr of Charlotte, Pugh of S. Burlington and Sharpe of Bristol
Subject: Taxation; tax incentive; net metering system
Statement of purpose: This bill proposes to provide an income tax credit of 80 percent of the cost of purchase and installation of a residential net metering system, with a maximum credit of $8,000.00.
AN ACT RELATING TO RESIDENTIAL NET METERING SYSTEM TAX CREDIT
It is hereby enacted by the General Assembly of the State of Vermont:
Sec. 1. 32 V.S.A. § 5930gg is added to read:
INCOME TAX INCENTIVE FOR RESIDENTIAL NET
A taxpayer of this state shall be eligible for a nonrefundable credit against the tax imposed under section 5822 of this title of 80 percent of the cost paid by the taxpayer during the taxable year directly and exclusively related to the purchase and installation of a net metering system, as defined in 30 V.S.A. § 219a, in the taxpayer’s primary or secondary residence in this state and for which no other credit has been claimed under this section in any taxable year. A taxpayer shall be entitled to no more than one credit under this section for all taxable years, and the credit may not exceed $8,000.00.
Sec. 2. EFFECTIVE DATE
This act shall apply to taxable years beginning on and after January 1, 2008.
The Vermont General Assembly
115 State Street