Bill > A02537

This bill establishes a tax credit for homeowners who use their home as their principal residence and have an annual household income of less than $250,000 to cover the costs of replacing or repairing their sanitary sewer lateral pipes, up to 25% of the total cost. The aggregate amount of tax credits allowed statewide in any calendar year is capped at $5 million. The credit can be claimed in the taxable year in which the work is completed and paid for, and any excess credit can be carried over for up to 5 years.