SB 420 Creates a tax credit for purchases of processed biomass engineered fiber fuel
Sponsor: Pearce
LR Number: 2102S.01I Fiscal Note:
Committee: Governmental Accountability and Fiscal Oversight
Last Action: 2/25/2009 - Second Read and Referred S Governmental Accountability and Fiscal Oversight Committee Journal Page: S402
Title: Calendar Position:
Effective Date: August 28, 2009

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Current Bill Summary


SB 420 - This act creates a state income tax credit for the purchase of processed biomass engineered fiber fuel. The credit is non-transferrable and non-refundable, but may be carried forward up to four years. The credit will be based upon a percentage of the purchase price of the biomass. In the first year biomass is purchased and used, the tax credit will be equal to thirty percent of the purchase price. Each subsequent year in which biomass is purchased and used the tax credit will be equal to five percent less than the preceding year's credit such that by the sixth year in which biomass is purchased and used, no credit will be issued.

This act is identical to House Bill 809 (2009).

JASON ZAMKUS