AR HB1037

Allows taxpayers to claim an income tax credit equal to 20% of the purchase price for renewable resource equipment placed in service during the taxable year.

Defines renewable resource equipment as systems or components using solar, wind, geothermal, biomass, waste heat recovery, water, or wastewater resources to offset or replace traditional energy consumption.

Limits the annual credit to the amount of income tax due by the taxpayer in that tax year.

Defines "purchase price" as the consideration paid for the equipment, excluding discounts, installation charges, trade-in credits, taxes, and financing charges.

Effective for tax years beginning on or after January 1, 2011, with the Department of Finance and Administration to promulgate implementing rules.