SB 634 - This act creates a state income tax credit for eligible costs incurred by taxpayers in making homes reach certain bench marks for green building standards. The credits will be available in amounts ranging from forty-five cents per square foot for minimum green building standard attainment to one dollar and fifteen cents for maximum standard attainment. The tax credits will be fully transferrable and non-refundable, but may be carried backward or forward. The program is capped at two million dollars of tax credit issuance per year and tax credits will be issued on a first-to-file first-to-receive basis. The provisions of this act will automatically sunset on December 31st five years after the effective date of the act unless reauthorized.
This act is similar to Senate Bill 543 (2009).