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2001 SESSION

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SB 1416 Income tax credit; rainwater harvesting.

Introduced by: Madison E. Marye | all patrons    ...    notes | add to my profiles | history

SUMMARY AS PASSED:

Grant to localities; harvesting and collection of rainwater. Provides, subject to appropriation, grants to local governments from the Alternate Water Supply Assistance Fund to be used by such localities for entering into agreements with businesses and individuals to harvest and collect rainwater for such uses as determined necessary by the locality. The Department of Housing and Community Development shall administer the fund and shall develop a process for determining what areas and localities shall qualify for the grants.

SUMMARY AS PASSED SENATE:

Grant and loans to localities; harvesting and collection of rainwater. Provides, subject to appropriation, grants and loans to local governments from the Alternate Water Supply Assistance Fund to be used by such localities for entering into agreements with businesses and individuals to harvest and collect rainwater for such uses as determined necessary by the locality. The Department of Housing and Community Development shall administer the fund and shall develop a process for determining what areas and localities shall qualify for grants and loans. Loans shall be approved by the Governor, and the Governor shall approve the interest rate on such loans.

SUMMARY AS INTRODUCED:

Income tax credit, individuals and corporations. Provides an individual and corporate income tax credit for the costs of rainwater harvesting systems placed in service during the taxable year. The credit is up to $50,000 for each rainwater harvesting system placed in service during the taxable year by a corporation and up to $2,000 for each rainwater harvesting system placed in service during the taxable year by an individual. The credit is non-refundable and may be carried forward for five taxable years. The Board of Health must approve the use of the rainwater harvesting system before any credit is granted.