Loading chat...
OH HB439
Bill
Status
2/8/2010
Primary Sponsor
John Domenick
Click for details
AI Summary
HB 439 Summary
-
Exempts a portion of assessed value of business real property from taxation when energy-conservation or renewable energy improvements are made, with exemption equal to the lesser of 35% of improvement cost or increase in assessed value, lasting until property is conveyed to another person.
-
Defines "qualifying improvements" as resource conservation improvements (HVAC, insulation, energy-efficient windows/doors, water conservation) and renewable energy property (solar, wind, hydroelectric, geothermal equipment).
-
Allows individual and trust taxpayers to deduct a percentage of qualifying improvement costs against capital gains when business real property is sold, with percentages ranging from 100% (improvements placed in service within 5 years) to 50% (over 10 years).
-
Requires the Director of Development to establish guidelines for identifying renewable energy property and resource conservation improvements and maintain a list of eligible systems.
-
Renewable energy property qualifies for exemption only if no electricity or energy produced is sold or exchanged for consideration, though charging tenants and net metering are not considered sales.
Legislative Description
To exempt from property taxation the cost of energy-conservation or renewable energy improvements to business property and to authorize an additional income tax deduction for the costs of such improvements if the property is sold for a gain.
Tax benefits-energy conservation improvements to business property
Last Action
To Alternative Energy
2/8/2010