April 19, 2005, Introduced by Reps. Kolb and Lipsey 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:
Sec. 275. (1) Beginning with the 2006 tax year, a residential
taxpayer may credit against the tax imposed by this act, subject to
the applicable limitations provided by this section, an amount
equal to $3.00 for each watt generated by the taxpayer through the
use of a wind turbine or solar photovoltaic system.
(2) The residential taxpayer credit allowed under this section
shall not exceed $5,000.00 for the tax year.
(3) To be eligible for a credit under this section, the wind
turbine or solar photovoltaic system, or a combination of the 2
systems, shall be installed in this state and produce electricity
as an alternative or replacement for fossil fuel generation. A wind
turbine system shall have a minimum of 500 watts of peak electric
capacity, a solar photovoltaic system shall have a minimum of 100
watts of peak electric capacity, and a combined wind and solar
system shall have a minimum of 600 watts of peak electric capacity.