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Bill

S 5366

Provides a tax credit to corporations that purchase qualified green construction equipment

2025 Regular Session Introduced by Leroy Comrie

Implements a corporate tax credit for buying qualified green construction equipment, prompting firms to invest in greener, lower-emission gear and boost sustainable construction.

REFERRED TO BUDGET AND REVENUE
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Bill Summary · S 5366

Summary of Bill S 5366 (2025)

Overview

  • Bill Number: S 5366
  • Title: Provides a tax credit to corporations that purchase qualified green construction equipment
  • Status: Referred to Budget and Revenue
  • Introduced: February 21, 2025
  • Sponsor: Leroy Comrie (primary)

This bill proposes a corporate tax credit designed to incentivize the purchase of equipment used in green construction. The summary here reflects the information provided; the bill text would define all specifics such as eligibility, calculation, and administration.

Purpose and Intent

  • Encourage corporate investment in environmentally friendly, energy-efficient construction equipment.
  • Support climate and sustainability goals by expanding the use of “green” construction technologies and practices.
  • Potentially broaden the adoption of low-emission or resource-efficient equipment in construction activities.

Key Provisions (as indicated by the bill’s title)

  • Establishes a tax credit for corporations that purchase qualified green construction equipment.
  • Details such as what qualifies as “green construction equipment,” the credit amount, eligibility criteria, caps, carryover provisions, and whether the credit is refundable or nonrefundable would be defined in the bill text (not provided in the summary).

Eligible Parties and Affected Entities

  • Eligible taxpayers: Corporations that purchase qualifying green construction equipment.
  • The impact would primarily be on corporate taxpayers and the construction sector, particularly firms investing in green technologies and equipment.

Administration, Filing, and Timeline

  • Administration: The bill would establish how the credit is claimed and administered, typically through the state’s tax department, on corporate tax returns. Specific forms, documentation requirements, and timing would be defined in the bill.
  • Timeline/Effective Date: No effective date or sunset is specified in the provided information. Such details are typically included in the bill text.

Fiscal and Economic Considerations

  • The bill would affect state revenue by offering a credit that reduces corporate tax liability when qualifying purchases are made.
  • The magnitude of the fiscal impact, annual cap, and expected take-up would be assessed in budget analyses; these are not provided here.

Procedural Status

  • Current posture: Referred to Budget and Revenue (as of February 21, 2025). The duplicate entry on the same date reflects procedural movement rather than a separate action.
  • The committee stage will likely involve consideration of fiscal impact, administration mechanics, and alignment with budget priorities.

Related Legislation

  • S 8358, S 3782, S 3871, S 6513 (all prior-session bills) indicate ongoing or previously explored interest in green construction incentives or related tax measures.

Notable Considerations for Review

  • Precise definitions of “qualified green construction equipment.”
  • Credit amount, cap per taxpayer or per purchase, and duration of the credit.
  • Refundability, carryover provisions, and applicability to other tax credits.
  • Interaction with existing energy or environmental incentives and how it fits within the broader budget plan.
  • Administrative burden on filers and the department.

For a complete understanding, the bill text will specify the exact eligibility criteria, calculation methodology, and implementation timeline.

Compiled from official sources — confirm details with the bill’s official record.

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