SB 431 - This act allows a tax credit for taxpayers who construct a green building or modify an existing structure into a green building. A green building is defined as a building that is designed to achieve integrated systems design and construction so as to significantly reduce or eliminate the negative impact of the built environment in a number of different ways including water conservation, energy efficiency, renewable energy, and indoor environmental quality and human health. The tax credit consists of three components: the green whole building component; the green base building component; and the green tenant space component. An applicant may receive a tax credit for each eligible component satisfied by the applicant's project. Prior to construction, a taxpayer must apply for a preliminary certification for a green building tax credit from the Department of Natural Resources. If the director of the Department determines that the construction or renovation meets the requirements of the tax credit program, the director may issue a final certification upon completion of construction. The green building tax credit has a per taxpayer cap of $50,000 per year and an aggregate cap of $1 million per year. Green building tax credits are refundable and fully transferable. The Department must promulgate rules 120 days after the effective date of this act to determine the amount of green building tax credits available to any one taxpayer based upon the size of the building, the level of green rating achieved by the building (either through the Leadership in Energy and Environmental Design (LEED) or the Green Globes rating systems) and whether the project is located in an economic development area. The tax credit sunsets in 5 years unless reauthorized. This act is similar to a provision in SB 1117 (2008). ERIKA JAQUES