Bill > SF215

This bill amends the existing solar energy system tax credit available against the individual and corporate income tax, the franchise tax, and the moneys and credits tax. It establishes a 15% tax credit on the gross cost of a residential solar energy system, up to $5,000, and a 15% tax credit on the gross cost of a commercial solar energy system, up to $20,000. The bill also sets an annual cap of $10 million on the cumulative value of tax credits that can be claimed, and provides for a wait list if the cap is reached. The bill applies retroactively to January 1, 2021, and also includes a special provision for the 2020 tax year.