Bill > H3178

This bill establishes a new tax credit program designed to incentivize farmers and landscape businesses to purchase electric-powered equipment. Specifically, the bill allows taxpayers who operate farms (as defined in Chapter 128, Section 1A) or landscape businesses (as defined in Chapter 112, Section 60L) to claim a refundable tax credit of up to 25% of the total purchase price of electric agricultural and landscaping equipment. A refundable tax credit means that if the credit amount is larger than the taxpayer's total tax liability, they will receive the excess amount as a direct payment. This provision aims to encourage the adoption of more environmentally friendly, electric-powered machinery in the agricultural and landscaping sectors by reducing the financial burden of purchasing such equipment, which may typically be more expensive than traditional fossil fuel-powered alternatives.