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Bill

HB 946

RELATING TO CARBON DISPLACEMENT.

2025 Regular Session Introduced by Terez Amato and 6 co-sponsors

Bill HB 946 offers tax credits to businesses and individuals adopting carbon displacement practices, promoting sustainability and reducing greenhouse gas emissions.

Introduced and Pass First Reading.
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Bill Summary · HB 946

Summary of Bill HB 946: Relating to Carbon Displacement

Overview

Bill HB 946 aims to address carbon displacement through the introduction of a tax credit mechanism. This legislation is part of broader efforts to mitigate climate change impacts by incentivizing practices that reduce carbon emissions.

Purpose and Intent

The primary intent of HB 946 is to promote carbon displacement strategies that can help reduce greenhouse gas emissions. By offering tax credits, the bill seeks to encourage businesses and individuals to adopt environmentally friendly practices that contribute to carbon reduction.

Key Provisions

  • Tax Credit Implementation: The bill proposes a tax credit for eligible entities that engage in activities leading to carbon displacement. The specifics of the credit, including the percentage and eligibility criteria, will be defined in subsequent legislative discussions.
  • Department of Business, Economic Development & Tourism (DBEDT): The bill designates DBEDT as the overseeing body responsible for administering the tax credit program, ensuring compliance, and evaluating the effectiveness of the initiatives funded by the credits.

Affected Parties

  • Businesses and Individuals: The tax credits will primarily benefit businesses and individuals who invest in carbon displacement technologies or practices. This could include renewable energy projects, energy efficiency upgrades, or other sustainable practices.
  • State Economy: By incentivizing carbon reduction, the bill aims to stimulate economic growth in sectors focused on sustainability and environmental stewardship.

Legislative Timeline

  • Introduced: January 21, 2025
  • First Reading: The bill passed its first reading on January 23, 2025.
  • Referred to Committees: Following its introduction, HB 946 was referred to the following committees for further consideration:
    • EEP: Energy and Environmental Protection
    • ECD: Economic Development
    • FIN: Finance

Conclusion

HB 946 represents a proactive approach to combat climate change through economic incentives. By establishing a tax credit for carbon displacement, the bill aims to foster a culture of sustainability while potentially benefiting the state’s economy. As the bill progresses through the legislative process, further details regarding the implementation and specifics of the tax credit will be clarified.

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

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