Bill > A00772

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 to replace or repair their sewer lateral pipes. The credit covers 25% of the total cost, including the cost of assessment, labor, disposal, and cleanup fees, but excludes any applicable state or local sales tax. The aggregate amount of tax credits allowed statewide in any calendar year is capped at $5 million. The credit can be claimed for taxable years beginning on or after January 1, 2023, and any excess credit can be carried over for up to five years.