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Senate Counsel, Research and Fiscal Analysis
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Minnesota Senate Bldg.
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95 University Avenue W. Suite 3300
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St. Paul, MN 55155
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(651) 296-4791
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Alexis C. Stangl
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Director
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Senate
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State of Minnesota
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S.F. No. 1657 - Tax Credit for Certain Energy Improvements
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Author:
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Senator Kevin Dahle
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Prepared By:
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Nora Pollock, Senate Counsel (651/297-8066)
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Date:
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March 23, 2015
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This bill establishes a nonrefundable tax credit for family farm business entities and small businesses for qualifying project costs of specified energy systems, effective beginning in tax year 2015. Project costs include labor and direct costs for preparation, assembly, and installation of equipment and components of and design for geothermal heath exchanges, smaller wind turbines, solar thermal arrays, or storage systems, all of which are defined in the bill. These qualifying systems must be installed by a small business in a rural area as defined under federal regulations, or by a family farm business entity. The credit allowed is 30 percent of project costs per system installed and placed in service in the taxable year. The credit is nonrefundable but may be carried forward for up to three years.
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Check on the status of this bill
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Back to Senate Counsel and Research Bill Summaries page
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Last review or update: 03/23/2015
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