(a)  An eligible person, as defined in § 44-57-3, who shall pay all or part of the cost of an eligible renewable energy system, as defined in § 44-57-4, which is installed in a dwelling, as defined in § 44-57-2(13), shall be entitled to a tax credit against the tax liability imposed by chapters 11 and 30 of this title. The credit, which shall be nonrefundable, shall be computed in accordance with § 44-57-5.

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Terms Used In Rhode Island General Laws 44-57-1

  • Corporation: A legal entity owned by the holders of shares of stock that have been issued, and that can own, receive, and transfer property, and carry on business in its own name.
  • Dwelling: includes , but is not limited to, an individual unit within multiple unit residential housing. See Rhode Island General Laws 44-57-2
  • Partnership: A voluntary contract between two or more persons to pool some or all of their assets into a business, with the agreement that there will be a proportional sharing of profits and losses.
  • person: may be construed to extend to and include co-partnerships and bodies corporate and politic. See Rhode Island General Laws 43-3-6

(b)  The credit shall be claimed in the tax year in which the renewable energy system is placed into service. The credit may be claimed in the tax year the renewable energy system is purchased if the system is placed in service by April 1 of the following tax year.

(c)  Any credit not used in accordance with subsection (b) of this section shall not be carried over to any following year or years. The tax credit shall not reduce the tax in any tax year below the minimum tax where a minimum tax is provided by law.

(d)  In the event the eligible person is a partnership, joint venture, or corporation, the credit shall be divided in the same manner as income.

History of Section.
P.L. 2000, ch. 145, § 1.