HB 1692 Summary

• Allows a 10% income tax credit for qualified energy efficiency improvements to homes (insulation, windows, doors, metal roofs) capped at $500 total, with a $200 limit specifically for windows and skylights.

• Provides income tax credits for residential energy property expenditures including heat pumps, furnaces, boilers, water heaters, and air conditioners, with individual limits of $50-$300 per item.

• Authorizes a 50% income tax credit on the first $25,000 spent on wind or solar energy system installation for homes, newly constructed homes, or business/commercial property, with unused credits allowed to carry forward 5 years.

• Exempts the added property value from wind or solar energy systems from ad valorem (property) taxation if the system is eligible for the tax credit.

• Effective January 1, 2013.