Bill > A01458

This bill provides a tax credit for a portion of the cost of qualified densified biomass fuel expenditures. "Qualified densified biomass fuel expenditures" refers to the cost of densified biomass fuel, which is a solid fuel derived from the mechanical densification and refining of biomass sourced from woody or agricultural feedstocks, including wood pellets, used to heat a dwelling unit in the state and used as a residence by the taxpayer, or to heat water for use in such a dwelling unit. The tax credit is equal to 30% of the qualified expenditures, and if the credit amount exceeds the taxpayer's tax for the year, the excess will be treated as an overpayment to be credited or refunded, although no interest will be paid on it. The bill is set to take effect immediately and expire five years after the effective date.