|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|
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.