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Bill

A 1995

Provides an asbestos remediation tax credit

2025 Regular Session Introduced by Crystal Peoples-Stokes

Bill A 1995 offers tax credits to property owners for asbestos removal, promoting safer environments and public health while boosting demand for remediation services.

REFERRED TO WAYS AND MEANS
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Bill Summary · A 1995

Summary of Bill A 1995: Asbestos Remediation Tax Credit

Purpose and Intent

Bill A 1995 aims to provide a tax credit for expenses incurred during the remediation of asbestos in residential and commercial properties. The primary intent of this legislation is to encourage property owners to safely remove asbestos, thereby improving public health and safety, and reducing environmental hazards associated with asbestos exposure.

Key Provisions

  • Tax Credit Eligibility: The bill proposes a tax credit for property owners who undertake asbestos remediation projects.
  • Credit Amount: While specific dollar amounts for the tax credit are not detailed in the current version, the bill is expected to outline a percentage of eligible remediation costs that can be claimed as a credit against state income taxes.
  • Eligible Expenses: The credit would cover costs directly associated with the removal, disposal, and safe handling of asbestos materials.
  • Application Process: Property owners would need to submit documentation of their remediation efforts to qualify for the tax credit, ensuring that the work meets state safety and environmental standards.

Affected Parties

  • Property Owners: Homeowners and commercial property owners who have asbestos in their buildings will benefit from the tax credit, making remediation more financially feasible.
  • Contractors and Remediation Specialists: Professionals involved in asbestos removal and remediation may see increased demand for their services as property owners take advantage of the tax credit.
  • Public Health: The broader community will benefit from reduced health risks associated with asbestos exposure, contributing to improved public health outcomes.

Procedural Aspects

  • Current Status: As of January 14, 2025, Bill A 1995 has been referred to the Ways and Means Committee for further consideration.
  • Legislative History: This bill follows several related bills from prior sessions (A 3240, A 5683, A 2268, A 7026, A 4862, A 2848), indicating ongoing legislative interest in addressing asbestos remediation through financial incentives.

Conclusion

Bill A 1995 represents a proactive approach to addressing the health risks posed by asbestos in buildings. By providing a tax credit for remediation efforts, the bill seeks to incentivize property owners to take necessary actions for safe asbestos removal, ultimately benefiting public health and safety. Further developments will be monitored as the bill progresses through the legislative process.

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

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