HB 1774 -- Taxation:  Credits for Lead Abatement Projects

Sponsor:  Auer

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.