| | | An owner or tenant of residential or commercial property | | located in the State who installs a new solar thermal system as | | defined in Title 35-A, section 3211-A, subsection 1, paragraph I, | | subparagraph (2) is entitled to a credit against the taxes | | imposed by this Part equal to 25% of the cost of the system, | | including installation, or $500, whichever is less. |
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| | | In the case of a newly constructed residence, the credit must | | be available to the original owner or occupant.__A taxpayer | | entitled to a credit that exceeds the taxpayer's total tax due | | for the tax year in which the credit is earned may carry over the | | excess amount and apply it to the taxpayer's tax liability for | | any of the next succeeding 3 taxable years.__The credit allowed, | | including carry-overs, may not reduce the tax otherwise due under | | this Part to less than zero. |
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| | | This bill provides for rebates, sales tax exemptions and | | income tax credits for the purchase and installation of solar | | water heating and solar air heating systems and for rebates and | | sales tax exemptions for the purchase and installation of solar | | electric, or "photovoltaic," systems for residential or | | commercial property owners. |
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