HB 1774 -- Taxation: Credits for Lead Abatement Projects
This bill authorizes various state tax credits to owners of
certain child-occupied facilities or dwellings who participate
in a qualified lead abatement project. The credit may be taken
against income tax, franchise tax, or financial institutions tax.
The credit will be equal to 50% of the lead abatement cost to an
owner located in a census tract above poverty level and 100% of
the lead abatement cost to an owner located in a census tract
below poverty level. The credit is not refundable, but can be
carried forward for 4 years or may be transferred, assigned, or
sold. The maximum credit per taxpayer will be $50,000 per year,
with a limit of $100 million per year state wide.
The bill requires a tax certificate from the Department of
Health to qualify for the credit.
The credit will apply to tax year 2000 and thereafter.
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Last Updated October 5, 2000 at 11:34 am