Bill > S05219

This bill establishes a tax credit for homeowners with an annual household income of less than $250,000 who use their home as their principal residence. The credit covers 25% of the costs to repair or replace their sanitary sewer lateral pipe, up to a statewide cap of $5 million per year. The credit can be claimed for expenses incurred after January 1, 2022 and any unused portion can be carried over for up to 5 years. The bill defines eligible costs as including assessments, labor, disposal, and cleanup fees, but excludes applicable state or local sales taxes.