Bill > S00830

This bill provides a tax credit for a portion of the cost of qualified densified biomass fuel expenditures. "Qualified densified biomass fuel expenditures" refers to the cost of densified biomass fuel, which is a solid fuel derived from the mechanical densification and refining of biomass sourced from woody or agricultural feedstocks, including wood pellets, that is used to heat a dwelling unit or heat water in such a dwelling unit. The tax credit is equal to 30% of these qualified expenditures, and if the credit exceeds the taxpayer's tax for the year, the excess will be treated as an overpayment to be credited or refunded. The bill will take effect immediately and expire five years after the effective date.