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IN HB1566
Bill
Status
1/20/2015
Primary Sponsor
Justin Moed
Click for details
AI Summary
HB 1566 Summary
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Creates an income tax deduction for taxpayers making qualified expenditures to install mechanical insulation property on Indiana-based mechanical systems.
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Defines mechanical insulation property as insulation materials, facings, and accessory products used for thermal, acoustical, and personal safety requirements for mechanical piping, equipment, and HVAC applications.
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Deduction amount equals total capital expenditures for labor and materials multiplied by the applicable percentage, which is the lesser of 30% or the percentage of excess energy savings above ASHRAE standard 90.1-2007 requirements.
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For replacement insulation property, the capital expenditure amount is reduced to 30% of the cost of labor and materials for the new installation.
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Taxpayers must submit all information requested by the department to substantiate the deduction; effective January 1, 2016.
Legislative Description
Tax deduction for mechanical insulation property. Provides an income tax deduction for depreciable costs incurred by a taxpayer to install mechanical insulation property. Defines "mechanical insulation property" as insulation materials used for thermal, acoustical, and personal safety requirements for mechanical piping and equipment, hot and cold applications, and heating, venting, and air conditioning applications. Provides that the amount of the deduction is the lesser of: (1) 30%; or (2) the percentage of excess energy savings from the installed mechanical insulation property when compared to the minimum energy savings requirements for buildings as published by the American Society of Heating, Refrigerating
Last Action
First Reading: referred to Committee on Ways and Means
1/20/2015