March 30, 2004, Introduced by Reps. Kolb, Minore, Tobocman, Lipsey, Milosch 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 275.
THE PEOPLE OF THE STATE OF MICHIGAN ENACT:
1 Sec. 275. (1) Beginning with the 2005 tax year, a
2 residential taxpayer may credit against the tax imposed by this
3 act, subject to the applicable limitations provided by this
4 section, an amount equal to $3.00 for each watt generated by the
5 taxpayer through the use of a wind turbine or solar photovoltaic
6 system.
7 (2) The residential taxpayer credit allowed under this
8 section shall not exceed $5,000.00 for the tax year.
9 (3) To be eligible for a credit under this section, the wind
10 turbine or solar photovoltaic system, or a combination of the 2
11 systems, shall be installed in this state and produce electricity
1 as an alternative or replacement for fossil fuel generation. A
2 wind turbine system shall have a minimum of 500 watts of peak
3 electric capacity, a solar photovoltaic system shall have a
4 minimum of 100 watts of peak electric capacity, and a combined
5 wind and solar system shall have a minimum of 600 watts of peak
6 electric capacity.