By Mr. Marzilli of Arlington, petition (accompanied by bill, House, No. 3032) of J. James Marzilli, Jr., and Peter V. Kocot relative to the income tax credits for owners and renters of property for the use of renewable energy sources.  Revenue.

The Commonwealth of Massachusetts

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PETITION OF:

J. James Marzilli, Jr.

Peter V. Kocot

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In the Year Two Thousand and Seven.

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An Act relative to the renewable energy tax credit.

    Be it enacted by the Senate and House of Representatives in General Court assembled, and by the authority of the same, as follows:

SECTION 1. Chapter 62, section 6(d) of the General Laws is amended by striking the first paragraph and replacing it with the following text:-

(d) any owner or tenant of residential property located in the commonwealth who is not a dependent of another taxpayer and who occupies said property as his principal residence, shall be allowed a credit equal to fifty per cent of the net expenditure for a renewable energy source property or five thousand dollars, whichever is lesser; provided, however, that in the case of a newly constructed residence the credit shall be available to the original owner/occupant. Any taxpayer entitled to this credit for any taxable year, the amount of which exceeds his total tax due for the then current taxable year, may carry over the excess amount, as reduced from year to year, and apply it to his tax liability for any one or more of the next succeeding three taxable years; provided, however, that in no taxable year may the amount of the credit allowed exceed the total tax due of the taxpayer for the relevant taxable year. Joint owners of a residential property shall share any credit available to the property under this subsection in the same proportion as their ownership interest.