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Revenue rule implements waterways investment tax credit created by 2023 law
Summary
The Revenue Division presented a rule implementing the waterways investment tax credit established by Act 881 of 2023; the subcommittee reviewed the rule and approved it without public comments.
The Administrative Rules Subcommittee reviewed and approved a Department of Finance and Administration rule implementing the waterways investment tax credit enacted by Act 881 of 2023.
Alicia Austin Smith, chief counsel for the Revenue Division of DFA, described the credit as an income-tax credit for capital improvements to facilities or property related to water transportation. According to Smith, qualifying improvements must have occurred between Jan. 1, 2024, and Dec. 31 of the same year. She said the maximum credit per taxpayer is $3,000,000 and that a statewide cap per year was set at $2,500,000.0. The department held a public comment hearing on Dec. 17 and received no public comments; the public comment period closed Dec. 24.
Committee members had no questions and approved the rule "as reviewed." DFA staff noted related agency updates elsewhere on the agenda.
