Rhode Island 2023 Regular Session

Rhode Island House Bill H6107 Compare Versions

Only one version of the bill is available at this time.

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5	5	2023 -- H 6107
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7	7	LC002051
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9	9	S TATE OF RHODE IS LAND
10	10	IN GENERAL ASSEMBLY
11	11	JANUARY SESSION, A.D. 2023
12	12	____________
13	13
14	14	A N A C T
15	15	RELATING TO TAXATION -- RESIDENTIAL RENEWABLE ENERGY SYS TEM TAX
16	16	CREDIT
17	17	Introduced By: Representatives Cotter, Casimiro, Carson, Donovan, Boylan, Cruz,
18	18	Speakman, Kazarian, Spears, and Stewart
19	19	Date Introduced: March 03, 2023
20	20	Referred To: House Finance
21	21
22	22
23	23	It is enacted by the General Assembly as follows:
24	24	SECTION 1. Section 44-57-5 of the General Laws in Chapter 44-57 entitled "Residential 1
25	25	Renewable Energy System Tax Credit" is hereby amended to read as follows: 2
26	26	44-57-5. Computation of tax credit. 3
27	27	(a) The tax credit on each system as provided for in this chapter shall be determined as 4
28	28	follows: 5
29	29	(1) Photovoltaic systems: 6
30	30	(i)(A) Photovoltaic systems shall have a minimum module size of twenty-four (24) square 7
31	31	feet; and 8
32	32	(B) Be connected to a battery storage system or be grid interconnected; 9
33	33	(ii) Qualifying systems shall receive a tax credit of: 10
34	34	(A) Twenty-five percent (25%) of the cost of the system. 11
35	35	(iii) The maximum cost of the system shall not exceed fifteen thousand dollars ($15,000); 12
36	36	provided, systems costing more than fifteen thousand dollars ($15,000) will receive a tax credit 13
37	37	based on a fifteen thousand dollar ($15,000) system cost. 14
38	38	(2) Solar domestic hot water systems: 15
39	39	(i)(A) Solar domestic hot water systems shall have a minimum collector area of thirty-four 16
40	40	(34) square feet; and 17
41	41	(B) A solar storage tank that is at least eighty (80) gallons. 18
42	42
43	43
44	44	LC002051 - Page 2 of 11
45	45	(ii) Qualifying systems shall receive a tax credit of: 1
46	46	(A) Twenty-five percent (25%) of the cost of the system. 2
47	47	(iii) The maximum cost of the system shall not exceed seven thousand dollars ($7,000); 3
48	48	provided, systems costing more than seven thousand dollars ($7,000) will receive a tax credit based 4
49	49	on a seven thousand dollar ($7,000) system cost. 5
50	50	(3) Active solar heating systems: 6
51	51	(i)(A) Active solar space heating systems shall have a minimum collector area of one 7
52	52	hundred twenty-five (125) square feet; and 8
53	53	(B) A system for storing and/or distributing the heat to the living area of the house. 9
54	54	(ii) Qualifying systems shall receive a tax credit of: 10
55	55	(A) Twenty-five percent (25%) of the cost of the system. 11
56	56	(iii) The maximum cost of the system shall not exceed fifteen thousand dollars ($15,000); 12
57	57	provided, systems costing more than fifteen thousand dollars ($15,000) will receive a tax credit 13
58	58	based on a fifteen thousand dollar ($15,000) system cost. 14
59	59	(4) Wind energy systems: 15
60	60	(i)(A) Wind energy systems must have a rotor diameter of at least forty-four inches (44″); 16
61	61	and 17
62	62	(B) Have a minimum factory rated output of at least two hundred fifty (250) watts at 18
63	63	twenty-eight (28) mph. 19
64	64	(ii) Qualifying systems shall receive a tax credit of: 20
65	65	(A) Twenty-five percent (25%) of the cost of the system. 21
66	66	(iii) The maximum cost of the system shall not exceed fifteen thousand dollars ($15,000); 22
67	67	provided, systems costing more than fifteen thousand dollars ($15,000) will receive a tax credit 23
68	68	based on a fifteen thousand dollar ($15,000) system cost. 24
69	69	(5) Geothermal systems: 25
70	70	(i) Geothermal systems must have either a coefficient of performance of 3.4 or greater or 26
71	71	an efficiency ratio of sixteen (16) or greater. All geothermal systems must have a commissioning 27
72	72	sign-off by the manufacturer or distributor of the equipment to verify the proper installation and 28
73	73	performance of the system. All geothermal systems must meet the following standards: 29
74	74	(A) ARI/ASHRAE/ISO-13256-1 for water to air geothermal systems; 30
75	75	(B) ARI/ASHRAE/ISO-13256-2 for water to water geothermal systems; 31
76	76	(C) ARI/ASHRAE/ISO-13256 GWHP for groundwater heat pumps; 32
77	77	(D) ARI/ASHRAE/ISO-13256 GLHP for closed loop heat pumps; 33
78	78	(ii) Qualifying systems shall receive a tax credit of: 34
79	79
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81	81	LC002051 - Page 3 of 11
82	82	(A) Twenty-five percent (25%) of the cost of the system. 1
83	83	(iii) The maximum cost of the system shall not exceed seven thousand dollars ($7,000). 2
84	84	Provided, systems costing more than seven thousand dollars ($7,000) will receive a tax credit based 3
85	85	on a seven thousand dollar ($7,000) system cost. 4
86	86	(b) For purposes of the tax credit, the cost of the renewable energy system shall be the net 5
87	87	cost of acquiring the system, and shall not include: 6
88	88	(1) Unpaid labor including the applicant’s labor; 7
89	89	(2) Operating and maintenance costs; 8
90	90	(3) Land costs; 9
91	91	(4) Legal and court costs; 10
92	92	(5) Patent search fees; 11
93	93	(6) Fees for variances; 12
94	94	(7) Loan interest; 13
95	95	(8) Service contracts; 14
96	96	(9) Cost of moving a used renewable energy system from one site to another; 15
97	97	(10) Cost of repair or resale of a system; 16
98	98	(11) Any part of the purchase price that is optional, such as an extended warranty or an 17
99	99	upgraded monitoring system; and 18
100	100	(12) Delivery fees; and 19
101	101	(c) At the election of the taxpayer, any credit generated, pursuant to this section, can be 20
102	102	donated and transferred to a nonprofit entity organized to assist low-income residents with the 21
103	103	payment of electricity and related costs. 22
104	104	(d) The division of taxation shall promulgate rules and regulations to implement and 23
105	105	enforce the provisions of subsection (c) of this section. 24
106	106	SECTION 2. Section 44-30-12 of the General Laws in Chapter 44-30 entitled "Personal 25
107	107	Income Tax" is hereby amended to read as follows: 26
108	108	44-30-12. Rhode Island income of a resident individual. 27
109	109	(a) General. The Rhode Island income of a resident individual means his or her adjusted 28
110	110	gross income for federal income tax purposes, with the modifications specified in this section. 29
111	111	(b) Modifications increasing federal adjusted gross income. There shall be added to 30
112	112	federal adjusted gross income: 31
113	113	(1) Interest income on obligations of any state, or its political subdivisions, other than 32
114	114	Rhode Island or its political subdivisions; 33
115	115	(2) Interest or dividend income on obligations or securities of any authority, commission, 34
116	116
117	117
118	118	LC002051 - Page 4 of 11
119	119	or instrumentality of the United States, but not of Rhode Island or its political subdivisions, to the 1
120	120	extent exempted by the laws of the United States from federal income tax but not from state income 2
121	121	taxes; 3
122	122	(3) The modification described in § 44-30-25(g); 4
123	123	(4)(i) The amount defined below of a nonqualified withdrawal made from an account in 5
124	124	the tuition savings program pursuant to § 16-57-6.1. For purposes of this section, a nonqualified 6
125	125	withdrawal is: 7
126	126	(A) A transfer or rollover to a qualified tuition program under Section 529 of the Internal 8
127	127	Revenue Code, 26 U.S.C. § 529, other than to the tuition savings program referred to in § 16-57-9
128	128	6.1; and 10
129	129	(B) A withdrawal or distribution that is: 11
130	130	(I) Not applied on a timely basis to pay “qualified higher education expenses” as defined 12
131	131	in § 16-57-3(12) of the beneficiary of the account from which the withdrawal is made; 13
132	132	(II) Not made for a reason referred to in § 16-57-6.1(e); or 14
133	133	(III) Not made in other circumstances for which an exclusion from tax made applicable by 15
134	134	Section 529 of the Internal Revenue Code, 26 U.S.C. § 529, pertains if the transfer, rollover, 16
135	135	withdrawal, or distribution is made within two (2) taxable years following the taxable year for 17
136	136	which a contributions modification pursuant to subsection (c)(4) of this section is taken based on 18
137	137	contributions to any tuition savings program account by the person who is the participant of the 19
138	138	account at the time of the contribution, whether or not the person is the participant of the account 20
139	139	at the time of the transfer, rollover, withdrawal or distribution; 21
140	140	(ii) In the event of a nonqualified withdrawal under subsection (b)(4)(i)(A) or (b)(4)(i)(B) 22
141	141	of this section, there shall be added to the federal adjusted gross income of that person for the 23
142	142	taxable year of the withdrawal an amount equal to the lesser of: 24
143	143	(A) The amount equal to the nonqualified withdrawal reduced by the sum of any 25
144	144	administrative fee or penalty imposed under the tuition savings program in connection with the 26
145	145	nonqualified withdrawal plus the earnings portion thereof, if any, includible in computing the 27
146	146	person’s federal adjusted gross income for the taxable year; and 28
147	147	(B) The amount of the person’s contribution modification pursuant to subsection (c)(4) of 29
148	148	this section for the person’s taxable year of the withdrawal and the two (2) prior taxable years less 30
149	149	the amount of any nonqualified withdrawal for the two (2) prior taxable years included in 31
150	150	computing the person’s Rhode Island income by application of this subsection for those years. Any 32
151	151	amount added to federal adjusted gross income pursuant to this subdivision shall constitute Rhode 33
152	152	Island income for residents, nonresidents and part-year residents; 34
153	153
154	154
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156	156	(5) The modification described in § 44-30-25.1(d)(3)(i); 1
157	157	(6) The amount equal to any unemployment compensation received but not included in 2
158	158	federal adjusted gross income; 3
159	159	(7) The amount equal to the deduction allowed for sales tax paid for a purchase of a 4
160	160	qualified motor vehicle as defined by the Internal Revenue Code § 164(a)(6); and 5
161	161	(8) For any taxable year beginning on or after January 1, 2020, the amount of any Paycheck 6
162	162	Protection Program loan forgiven for federal income tax purposes as authorized by the Coronavirus 7
163	163	Aid, Relief, and Economic Security Act and/or the Consolidated Appropriations Act, 2021 and/or 8
164	164	any other subsequent federal stimulus relief packages enacted by law, to the extent that the amount 9
165	165	of the loan forgiven exceeds $250,000, including an individual’s distributive share of the amount 10
166	166	of a pass-through entity’s loan forgiveness in excess of $250,000. 11
167	167	(c) Modifications reducing federal adjusted gross income. There shall be subtracted 12
168	168	from federal adjusted gross income: 13
169	169	(1) Any interest income on obligations of the United States and its possessions to the extent 14
170	170	includible in gross income for federal income tax purposes, and any interest or dividend income on 15
171	171	obligations, or securities of any authority, commission, or instrumentality of the United States to 16
172	172	the extent includible in gross income for federal income tax purposes but exempt from state income 17
173	173	taxes under the laws of the United States; provided, that the amount to be subtracted shall in any 18
174	174	case be reduced by any interest on indebtedness incurred or continued to purchase or carry 19
175	175	obligations or securities the income of which is exempt from Rhode Island personal income tax, to 20
176	176	the extent the interest has been deducted in determining federal adjusted gross income or taxable 21
177	177	income; 22
178	178	(2) A modification described in § 44-30-25(f) or § 44-30-1.1(c)(1); 23
179	179	(3) The amount of any withdrawal or distribution from the “tuition savings program” 24
180	180	referred to in § 16-57-6.1 that is included in federal adjusted gross income, other than a withdrawal 25
181	181	or distribution or portion of a withdrawal or distribution that is a nonqualified withdrawal; 26
182	182	(4) Contributions made to an account under the tuition savings program, including the 27
183	183	“contributions carryover” pursuant to subsection (c)(4)(iv) of this section, if any, subject to the 28
184	184	following limitations, restrictions and qualifications: 29
185	185	(i) The aggregate subtraction pursuant to this subdivision for any taxable year of the 30
186	186	taxpayer shall not exceed five hundred dollars ($500) or one thousand dollars ($1,000) if a joint 31
187	187	return; 32
188	188	(ii) The following shall not be considered contributions: 33
189	189	(A) Contributions made by any person to an account who is not a participant of the account 34
190	190
191	191
192	192	LC002051 - Page 6 of 11
193	193	at the time the contribution is made; 1
194	194	(B) Transfers or rollovers to an account from any other tuition savings program account or 2
195	195	from any other “qualified tuition program” under section 529 of the Internal Revenue Code, 26 3
196	196	U.S.C. § 529; or 4
197	197	(C) A change of the beneficiary of the account; 5
198	198	(iii) The subtraction pursuant to this subdivision shall not reduce the taxpayer’s federal 6
199	199	adjusted gross income to less than zero (0); 7
200	200	(iv) The contributions carryover to a taxable year for purpose of this subdivision is the 8
201	201	excess, if any, of the total amount of contributions actually made by the taxpayer to the tuition 9
202	202	savings program for all preceding taxable years for which this subsection is effective over the sum 10
203	203	of: 11
204	204	(A) The total of the subtractions under this subdivision allowable to the taxpayer for all 12
205	205	such preceding taxable years; and 13
206	206	(B) That part of any remaining contribution carryover at the end of the taxable year which 14
207	207	exceeds the amount of any nonqualified withdrawals during the year and the prior two (2) taxable 15
208	208	years not included in the addition provided for in this subdivision for those years. Any such part 16
209	209	shall be disregarded in computing the contributions carryover for any subsequent taxable year; 17
210	210	(v) For any taxable year for which a contributions carryover is applicable, the taxpayer 18
211	211	shall include a computation of the carryover with the taxpayer’s Rhode Island personal income tax 19
212	212	return for that year, and if for any taxable year on which the carryover is based the taxpayer filed a 20
213	213	joint Rhode Island personal income tax return but filed a return on a basis other than jointly for a 21
214	214	subsequent taxable year, the computation shall reflect how the carryover is being allocated between 22
215	215	the prior joint filers; 23
216	216	(5) The modification described in § 44-30-25.1(d)(1); 24
217	217	(6) Amounts deemed taxable income to the taxpayer due to payment or provision of 25
218	218	insurance benefits to a dependent, including a domestic partner pursuant to chapter 12 of title 36 or 26
219	219	other coverage plan; 27
220	220	(7) Modification for organ transplantation. 28
221	221	(i) An individual may subtract up to ten thousand dollars ($10,000) from federal adjusted 29
222	222	gross income if he or she, while living, donates one or more of his or her human organs to another 30
223	223	human being for human organ transplantation, except that for purposes of this subsection, “human 31
224	224	organ” means all or part of a liver, pancreas, kidney, intestine, lung, or bone marrow. A subtract 32
225	225	modification that is claimed hereunder may be claimed in the taxable year in which the human 33
226	226	organ transplantation occurs. 34
227	227
228	228
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230	230	(ii) An individual may claim that subtract modification hereunder only once, and the 1
231	231	subtract modification may be claimed for only the following unreimbursed expenses that are 2
232	232	incurred by the claimant and related to the claimant’s organ donation: 3
233	233	(A) Travel expenses. 4
234	234	(B) Lodging expenses. 5
235	235	(C) Lost wages. 6
236	236	(iii) The subtract modification hereunder may not be claimed by a part-time resident or a 7
237	237	nonresident of this state; 8
238	238	(8) Modification for taxable Social Security income. 9
239	239	(i) For tax years beginning on or after January 1, 2016: 10
240	240	(A) For a person who has attained the age used for calculating full or unreduced Social 11
241	241	Security retirement benefits who files a return as an unmarried individual, head of household, or 12
242	242	married filing separate whose federal adjusted gross income for the taxable year is less than eighty 13
243	243	thousand dollars ($80,000); or 14
244	244	(B) A married individual filing jointly or individual filing qualifying widow(er) who has 15
245	245	attained the age used for calculating full or unreduced Social Security retirement benefits whose 16
246	246	joint federal adjusted gross income for the taxable year is less than one hundred thousand dollars 17
247	247	($100,000), an amount equal to the Social Security benefits includible in federal adjusted gross 18
248	248	income. 19
249	249	(ii) Adjustment for inflation. The dollar amount contained in subsections (c)(8)(i)(A) and 20
250	250	(c)(8)(i)(B) of this section shall be increased annually by an amount equal to: 21
251	251	(A) Such dollar amount contained in subsections (c)(8)(i)(A) and (c)(8)(i)(B) of this section 22
252	252	adjusted for inflation using a base tax year of 2000, multiplied by; 23
253	253	(B) The cost-of-living adjustment with a base year of 2000. 24
254	254	(iii) For the purposes of this section the cost-of-living adjustment for any calendar year is 25
255	255	the percentage (if any) by which the consumer price index for the preceding calendar year exceeds 26
256	256	the consumer price index for the base year. The consumer price index for any calendar year is the 27
257	257	average of the consumer price index as of the close of the twelve-month (12) period ending on 28
258	258	August 31, of such calendar year. 29
259	259	(iv) For the purpose of this section the term “consumer price index” means the last 30
260	260	consumer price index for all urban consumers published by the department of labor. For the purpose 31
261	261	of this section the revision of the consumer price index which is most consistent with the consumer 32
262	262	price index for calendar year 1986 shall be used. 33
263	263	(v) If any increase determined under this section is not a multiple of fifty dollars ($50.00), 34
264	264
265	265
266	266	LC002051 - Page 8 of 11
267	267	such increase shall be rounded to the next lower multiple of fifty dollars ($50.00). In the case of a 1
268	268	married individual filing separate return, if any increase determined under this section is not a 2
269	269	multiple of twenty-five dollars ($25.00), such increase shall be rounded to the next lower multiple 3
270	270	of twenty-five dollars ($25.00); 4
271	271	(9) Modification of taxable retirement income from certain pension plans or 5
272	272	annuities. 6
273	273	(i) For tax years beginning on or after January 1, 2017, until the tax year beginning January 7
274	274	1, 2022, a modification shall be allowed for up to fifteen thousand dollars ($15,000), and for tax 8
275	275	years beginning on or after January 1, 2023, a modification shall be allowed for up to twenty 9
276	276	thousand dollars ($20,000), of taxable pension and/or annuity income that is included in federal 10
277	277	adjusted gross income for the taxable year: 11
278	278	(A) For a person who has attained the age used for calculating full or unreduced Social 12
279	279	Security retirement benefits who files a return as an unmarried individual, head of household, or 13
280	280	married filing separate whose federal adjusted gross income for such taxable year is less than the 14
281	281	amount used for the modification contained in subsection (c)(8)(i)(A) of this section an amount not 15
282	282	to exceed $15,000 for tax years beginning on or after January 1, 2017, until the tax year beginning 16
283	283	January 1, 2022, and an amount not to exceed twenty thousand dollars ($20,000) for tax years 17
284	284	beginning on or after January 1, 2023, of taxable pension and/or annuity income includible in 18
285	285	federal adjusted gross income; or 19
286	286	(B) For a married individual filing jointly or individual filing qualifying widow(er) who 20
287	287	has attained the age used for calculating full or unreduced Social Security retirement benefits whose 21
288	288	joint federal adjusted gross income for such taxable year is less than the amount used for the 22
289	289	modification contained in subsection (c)(8)(i)(B) of this section an amount not to exceed $15,000 23
290	290	for tax years beginning on or after January 1, 2017, until the tax year beginning January 1, 2022, 24
291	291	and an amount not to exceed twenty thousand dollars ($20,000) for tax years beginning on or after 25
292	292	January 1, 2023, of taxable pension and/or annuity income includible in federal adjusted gross 26
293	293	income. 27
294	294	(ii) Adjustment for inflation. The dollar amount contained by reference in subsections 28
295	295	(c)(9)(i)(A) and (c)(9)(i)(B) of this section shall be increased annually for tax years beginning on 29
296	296	or after January 1, 2018, by an amount equal to: 30
297	297	(A) Such dollar amount contained by reference in subsections (c)(9)(i)(A) and (c)(9)(i)(B) 31
298	298	of this section adjusted for inflation using a base tax year of 2000, multiplied by; 32
299	299	(B) The cost-of-living adjustment with a base year of 2000. 33
300	300	(iii) For the purposes of this section, the cost-of-living adjustment for any calendar year is 34
301	301
302	302
303	303	LC002051 - Page 9 of 11
304	304	the percentage (if any) by which the consumer price index for the preceding calendar year exceeds 1
305	305	the consumer price index for the base year. The consumer price index for any calendar year is the 2
306	306	average of the consumer price index as of the close of the twelve-month (12) period ending on 3
307	307	August 31, of such calendar year. 4
308	308	(iv) For the purpose of this section, the term “consumer price index” means the last 5
309	309	consumer price index for all urban consumers published by the department of labor. For the purpose 6
310	310	of this section, the revision of the consumer price index which is most consistent with the consumer 7
311	311	price index for calendar year 1986 shall be used. 8
312	312	(v) If any increase determined under this section is not a multiple of fifty dollars ($50.00), 9
313	313	such increase shall be rounded to the next lower multiple of fifty dollars ($50.00). In the case of a 10
314	314	married individual filing a separate return, if any increase determined under this section is not a 11
315	315	multiple of twenty-five dollars ($25.00), such increase shall be rounded to the next lower multiple 12
316	316	of twenty-five dollars ($25.00). 13
317	317	(vi) For tax years beginning on or after January 1, 2022, the dollar amount contained by 14
318	318	reference in subsection (c)(9)(i)(A) shall be adjusted to equal the dollar amount contained in 15
319	319	subsection (c)(8)(i)(A), as adjusted for inflation, and the dollar amount contained by reference in 16
320	320	subsection(c)(9)(i)(B) shall be adjusted to equal the dollar amount contained in subsection 17
321	321	(c)(8)(i)(B), as adjusted for inflation; 18
322	322	(10) Modification for Rhode Island investment in opportunity zones. For purposes of 19
323	323	a taxpayer’s state tax liability, in the case of any investment in a Rhode Island opportunity zone by 20
324	324	the taxpayer for at least seven (7) years, a modification to income shall be allowed for the 21
325	325	incremental difference between the benefit allowed under 26 U.S.C. § 1400Z-2(b)(2)(B)(iv) and 22
326	326	the federal benefit allowed under 26 U.S.C. § 1400Z-2(c); 23
327	327	(11) Modification for military service pensions. 24
328	328	(i) For purposes of a taxpayer’s state tax liability, a modification to income shall be allowed 25
329	329	as follows: 26
330	330	(A) For the tax years beginning on January 1, 2023, a taxpayer may subtract from federal 27
331	331	adjusted gross income the taxpayer’s military service pension benefits included in federal adjusted 28
332	332	gross income; 29
333	333	(ii) As used in this subsection, the term “military service” shall have the same meaning as 30
334	334	set forth in 20 C.F.R. § 212.2; 31
335	335	(iii) At no time shall the modification allowed under this subsection alone or in conjunction 32
336	336	with subsection (c)(9) exceed the amount of the military service pension received in the tax year 33
337	337	for which the modification is claimed; and 34
338	338
339	339
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341	341	(12) Any rebate issued to the taxpayer pursuant to § 44-30-103 to the extent included in 1
342	342	gross income for federal tax purposes. 2
343	343	(13) Modification for donated residential renewable energy system tax credit. There shall 3
344	344	be subtracted from federal adjusted gross income any residential renewable energy system tax 4
345	345	credits transferred to a nonprofit entity organized to assist low-income residents with the payment 5
346	346	of electricity and related costs. 6
347	347	(d) Modification for Rhode Island fiduciary adjustment. There shall be added to, or 7
348	348	subtracted from, federal adjusted gross income (as the case may be) the taxpayer’s share, as 8
349	349	beneficiary of an estate or trust, of the Rhode Island fiduciary adjustment determined under § 44-9
350	350	30-17. 10
351	351	(e) Partners. The amounts of modifications required to be made under this section by a 11
352	352	partner, which relate to items of income or deduction of a partnership, shall be determined under § 12
353	353	44-30-15. 13
354	354	SECTION 3. This act shall take effect upon passage. 14
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358	358
359	359
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361	361	EXPLANATION
362	362	BY THE LEGISLATIVE COUNCIL
363	363	OF
364	364	A N A C T
365	365	RELATING TO TAXATION -- RESIDENTIAL RENEWABL E ENERGY SYSTEM TAX
366	366	CREDIT
367	367	***
368	368	This act would allow a taxpayer to donate residential renewable energy system tax credits 1
369	369	to nonprofit organizations and subtract the corresponding amount of credits from federal adjusted 2
370	370	gross income. 3
371	371	This act would take effect upon passage. 4
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373	373	LC002051
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