Bill > S3973

Introduced Session

This bill allows taxpayers to deduct up to a combined $25,000 from gross income in a year for the following expenses: · lead-based paint hazard abatement in the taxpayer's home, if performed by a certified lead abatement contractor; · asbestos hazard abatement in the taxpayer's home, if performed by a licensed asbestos abatement contractor; · replacement of a water service line containing hazardous amounts of lead, if the line is owned by the taxpayer, the line is on the real property of the taxpayer's home, and the line's replacement is necessary for abatement of the hazard in the taxpayer's home; and · replacement of plumbing containing hazardous amounts of lead in the taxpayer's home. The Director of the Division of Taxation is required to set the standards by which taxpayers are to prove that they qualify for the deduction. To be eligible for the deduction for amounts paid for lead-based paint hazard abatement or asbestos hazard abatement, a taxpayer must submit a receipt that work was done by a State certified or licensed abatement contractor. Lead and asbestos hazard abatement can cost families tens of thousands of dollars. This bill provides an incentive and financial relief to homeowners who incur expenses for lead and asbestos hazard abatement to make their families and communities safer.

AI Summary

Committee Categories

Christopher Bateman (R)*,  Bob Smith (D)*, 

Introduced in the Senate, Referred to Senate Environment and Energy Committee (on 06/20/2019)

Official Document