MN SF3608

Establishes refundable solar energy investment tax credits for individuals and corporations, with maximum credits of $500-$750 for individuals and $1,000-$1,500 for corporations depending on utility type (investor-owned vs. municipal/public/cooperative).

Caps total credit allocations at $2,500,000 for solar energy investments and $1,000,000 for community solar garden subscriptions for the 2016 tax year, with applications accepted beginning August 1, 2016.

Requires expenditures to be made prior to application or within 60 days of credit allocation but no later than December 31, 2016, with credits awarded on first-come, first-served basis and pro-rata allocation for same-day applicants when funding is exhausted.

Makes credits refundable, with the commissioner issuing refunds for any allocated credits exceeding tax liability, and appropriates sufficient general funds to cover refunds.

Requires the commissioner to establish a process allowing tax credits to be transferred between taxpayers for the 2016 tax year only, with no carryforward to subsequent years.