Bill > S58

This bill creates a tax credit for individuals and corporations who donate oyster shells to oyster shell recycling organizations, designed to promote marine conservation efforts. Under the proposed legislation, taxpayers can receive a $5 credit for each full 5-gallon bucket of oyster shells donated, with several important conditions: the tax credit cannot exceed the total tax owed for the year, any excess credit can be carried forward and used in the next three tax years, and no additional tax deduction is allowed for the same donation. To claim the credit, donors must obtain a certification from the recipient organization specifying the number of buckets donated, which must be available for inspection. The bill applies to both individual income tax (Chapter 62) and corporate excise tax (Chapter 63), creating a uniform incentive for oyster shell recycling. Oyster shell recycling is important for marine ecosystems, as recycled shells can be used to create new oyster habitats, prevent coastal erosion, and support marine biodiversity.

Agriculture and Natural Resources

https://malegislature.gov/Bills/194/S58