Bill > S06513

This bill provides a tax credit to corporations that purchase qualified green construction equipment. The credit is equal to 30% of the total expenses incurred during the taxable year in purchasing such equipment. Qualified green construction equipment is defined as heavy-duty vehicles, machines, trucks, and other equipment that are specially designed for construction tasks, earthwork operations, and are prohibited from producing greenhouse gas emissions, utilizing fossil fuels, and emitting toxic chemicals. The aggregate amount of tax credits allowed statewide in any calendar year is $10 million, which will be allocated pursuant to rules and regulations promulgated by the Commissioner. The bill also outlines the procedure for certification of the credit.