SB 0409 Tax credits for certain lead abatement projects
LR Number:1587L.01I Fiscal Note:1587-01
Committee:Ways and Means
Last Action:02/12/01 - Second Read and Referred S Ways & Means Committee Journal page:S235
Effective Date:August 28, 2001
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Current Bill Summary

SB 409 - This act authorizes various state tax credits to the owners of certain child-occupied facilities who participate in a lead abatement project. The credit may be taken against income tax, franchise tax or financial institutions tax.

The tax credit will equal to fifty percent of the lead abatement costs to the owner and cannot be claimed in more than two consecutive years. The credit is not refundable but may be carried back for three years or forward for five years.

The act requires a tax certificate from the Department of Health to qualify for the tax credit. The credit will apply for tax years beginning on or after January 1, 2002.