Bill > S05726

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 and replace or repair their sanitary sewer lateral pipes. The credit covers 25% of the total costs, including assessment fees, labor, disposal, and cleanup, but excluding any applicable sales taxes. The aggregate amount of tax credits allowed statewide in any calendar year is capped at $5 million. The credit can be claimed in the taxable year in which the work is completed and paid for, and any excess credit can be carried over for up to five years.