SB14-073

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SB14-073 - Brownfield Contaminated Land Income Tax Credit

Passed/Signed into Law
Concerning The State Income Tax Credit For The Environmental Remediation Of Contaminated Land In The State.

From 2000 through 2010, there was a state income tax credit for taxpayers who conducted certain environmental remediation activities on property that was proposed for redevelopment. The bill reauthorizes the credit for a 9-year period commencing in 2014 as follows:

  • The property can be located anywhere in the state;
  • The remediation need not be for property that will be redeveloped;
  • A formula for calculating the amount of the credit is specified; and
  • The credit may be transferred by a taxpayer to a transferee who may then claim the credit.

The taxpayer seeking the credit must obtain a certificate from the department of public health and environment certifying the accuracy of the costs of the clean up and that a clean up plan has been fully implemented. The credit can be carried forward for up to 5 years.

Local governments and private nonprofit entities do not pay income taxes in the state but do incur expenses in conducting environmental remediation activities. Subject to the same terms and in the same amounts as the re-authorized credit allowed to taxpayers, the bill allows certain local governments and private nonprofit entities to transfer a portion of these expenses to transferees who may then claim the amounts as an income tax credit.

Latest update: May 15, 2014
05/15/2014 Governor Signed
05/12/2014 Sent to the Governor
05/12/2014 Signed by the Speaker of the House
05/12/2014 Signed by the President of the Senate
05/01/2014 House Third Reading Passed - No Amendments
04/30/2014 House Second Reading Special Order - Passed - No Amendments
04/29/2014 House Second Reading Special Order - Laid Over Daily - No Amendments
04/28/2014 House Committee on Appropriations Refer Unamended to House Committee of the Whole
04/24/2014 House Committee on Finance Refer Amended to Appropriations
04/17/2014 Introduced In House - Assigned to Finance + Appropriations
04/16/2014 Senate Third Reading Passed - No Amendments
04/15/2014 Senate Second Reading Passed with Amendments - Committee
04/11/2014 Senate Committee on Appropriations Refer Amended to Senate Committee of the Whole
03/13/2014 Senate Committee on Finance Refer Unamended to Appropriations
02/24/2014 Senate Committee on Business, Labor, & Technology Refer Amended to Finance
02/12/2014 Senate Committee on Business, Labor, & Technology Witness Testimony and/or Committee Discussion Only
01/14/2014 Introduced In Senate - Assigned to Business, Labor, & Technology