Bill > HB1116

This bill extends the Contaminated Land State Income Tax Credit, which allows a credit against income taxes for approved environmental remediation of contaminated property. The key provisions are: 1. It extends the credit period from January 1, 2025 to January 1, 2030. 2. It allows a transferable expense amount for qualified entities performing approved environmental remediation, which can be transferred to a taxpayer to claim as a credit. 3. It increases the maximum transferable expense amount for approved remediation of sites located in rural communities. 4. It extends the aggregate cap on credits and transferable expense amounts from $3 million to $5 million per calendar year, with $2 million reserved for rural community projects. 5. It extends the repeal date of this section from December 31, 2036 to December 31, 2036.