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Committee approves tax credit bill for wind-resistance home retrofits, with administration and certification changes
Summary
The Senate Committee on Commerce and Consumer Protection on Jan. 31 passed SB 697 with amendments to establish a nonrefundable income-tax credit for expenses to retrofit residences with wind-resistive devices. The committee adopted changes requested by the Department of Taxation and added administrative funding to the Department of Commerce and
The Senate Committee on Commerce and Consumer Protection on Jan. 31 voted to pass SB 697, a bill that would create a nonrefundable individual income tax credit for expenses paid to retrofit residences with wind-resistant devices, subject to amendments the committee adopted.
The committee accepted Department of Taxation amendments that removed a specified percentage, added a sunset and capped carry-forward rules. The committee also approved language to add a general-fund appropriation to the Department of Commerce and Consumer Affairs (DCCA) to administer the credit and deferred the bill’s effective date to July 1, 2050 to allow time for implementation.
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