Bill > S1418

This bill proposes to amend Chapter 62 of the General Laws to create a new tax credit for homeowners in the Commonwealth who purchase and install energy-efficient items in their residential properties. This credit, available for purchases made between September 1, 2012, and March 31, 2014, will cover 50% of the cost of eligible items, with a maximum credit of $1,000 for single-family homes and $1,500 for multi-unit dwellings. The bill defines "energy efficient heating items" broadly to include insulation, new windows, efficient heating systems, and solar hot water systems, among others. The "net expenditure" for calculating the credit will be the total cost of the items and installation, minus any federal tax credits, federal grants, or utility rebates received. Taxpayers can claim this credit between 2012 and 2014, and any unused portion of the credit can be carried over to future tax years, though it cannot exceed the total tax due in any given year. The Commissioner of Revenue is tasked with creating rules and regulations to implement this section, including provisions for condominium and cooperative owners, and these regulations must be filed with legislative clerks and the joint committee on revenue.