HF3431 Summary

• Allows individuals a tax subtraction equal to 50 percent of the price of components and installation of an energy management system in the year of purchase, effective for taxable years beginning after December 31, 2009.

• Defines an energy management system as a device that monitors electrical power and temperature, provides programmable control to change electrical power use and temperature on a schedule or in response to preset limits, and includes UL-approved electrical devices and thermostat switches.

• Provides corporations a tax subtraction for energy management systems equal to 50 percent of the purchase price in the year made, mirroring the individual provision.

• Amends Minnesota Statutes 2009 Supplement section 290.01, subdivisions 19b and 19d to establish these tax deductions for both individual taxpayers and corporations.