January 29, 2003, Introduced by Reps. Kolb, Gieleghem, Zelenko, Murphy and Gleason and referred to the Committee on Tax Policy.
A bill to amend 1967 PA 281, entitled
"Income tax act of 1967,"
(MCL 206.1 to 206.532) by adding section 270.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec 270. (1) For tax years that begin after December 31,
2 2002, a taxpayer that owns property and leases that property to
3 another person on which the lessee installs a photovoltaic system
4 or wind turbine system that generates electricity may claim a
5 credit against the tax imposed by this act equal to the lease
6 payment amount received by the taxpayer for the tax year.
7 (2) If the amount of the credit allowed under this section
8 exceeds the tax liability of the taxpayer for the tax year, that
9 portion of the credit that exceeds the tax liability shall be
10 refunded to the taxpayer.
11 (3) As used in this section:
1 (a) "Photovoltaic cell" means an integrated device consisting
2 of layers of semiconductor materials and electric contacts
3 capable of converting incident light directly into electricity.
4 (b) "Photovoltaic module" means an assembly of interconnected
5 photovoltaic cells.
6 (c) "Photovoltaic system" means a solar energy device
7 composed of 1 or more photovoltaic cells or photovoltaic modules,
8 an inverter or other power conditioning unit designed to deliver
9 power of a selected current and voltage, wires, and other
10 electrical connectors. Batteries for power storage may also be
11 included in a photovoltaic system.
12 (d) "Wind turbine system" means a component of an energy
13 conversion device that converts the energy present in the wind
14 into electrical energy.