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MI HB6237
Bill
Status
Introduced
6/16/2022
Primary Sponsor
Abraham Aiyash
Click for details
AI Summary
- Allows taxpayers to claim a 10% tax credit against individual income tax for amounts paid to purchase and install photovoltaic energy systems beginning in tax year 2023
- Permits flow-through entity members to claim credits based on their distributive share of business income or through an alternative department-approved method
- Excess credits that exceed annual tax liability may be carried forward for up to 5 tax years or until fully used
- Defines photovoltaic energy systems to include solar devices composed of photovoltaic cells or modules, inverters, wiring, and related electrical components, and may include batteries for power storage
- Requires taxpayers to provide reasonable proof of expenses to the Department of Treasury and allows the department to prescribe the form and manner of claiming the credit
Legislative Description
Individual income tax: credit; tax incentive for purchasing and installing a solar energy system; provide for. Amends 1967 PA 281 (MCL 206.1 - 206.847) by adding secs. 279 & 679.
Energy: conservation and efficiency
Last Action
Bill Electronically Reproduced 06/21/2022
6/21/2022
Committee Referrals
Tax Policy6/16/2022
Full Bill Text
No bill text available