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MN HF3380
Bill
Status
Introduced
5/12/2014
Primary Sponsor
Debra Kiel
Click for details
AI Summary
- Allows taxpayers with qualified renewable energy facilities in Minnesota to claim income tax credits equal to 75 percent of federal credits under Internal Revenue Code sections 45 and 48
- Defines qualified facilities as those producing electricity or biodiesel fuel through open-loop biomass processes, placed into service before January 1, 2017
- Limits production credits to 10 taxable years per facility and allows credits to be allocated to partners, members, or shareholders of pass-through entities
- Permits excess credits to carry over for 15 succeeding taxable years if they exceed annual tax liability
- Prohibits energy investment credits if taxpayer receives grants, publicly subsidized loans, or other public assistance for the property
- Allows credit assignment to other taxpayers with 30-day notification requirement to the commissioner
- Effective for taxable years beginning after December 31, 2014
Legislative Description
Renewable energy production and energy investment income tax credits allowed, and rulemaking provided.
Last Action
Introduction and first reading, referred to Energy Policy
5/12/2014
Committee Referrals
Energy Policy5/12/2014
Full Bill Text
No bill text available