Bill > S01699

This bill proposes to amend the tax law to provide a tax credit equal to 30% of "qualified densified biomass fuel expenditures." Qualified expenditures include the cost of densified biomass fuel, such as wood pellets, that is manufactured in the United States and used to heat a residential dwelling or heat water for such a dwelling. The credit would be available to resident owners of real property in the state. If the credit exceeds the taxpayer's tax liability for the year, the excess would be treated as an overpayment to be credited or refunded, but without interest. The provisions of the bill would expire and be repealed five years after the effective date.