SB1433
Mobile machinery and equipment; tax credit for purchase.
Summary
As Introduced. Tax credit for purchase of mobile machinery and equipment used by road contractors for processing recyclable asphalt materials on pavements and roadways.
Creates a nonrefundable tax credit for taxable years 2025 through 2029 in an amount equal to 20 percent of the purchase price paid, as defined in the bill, during the taxable year for machinery and equipment used to reclaim, recycle, or reprocess existing asphalt materials from pavements and roadways. The ... (More) bill requires a taxpayer to submit invoices with an income tax return verifying the amount of purchase price paid for such machinery and equipment. The bill provides a $3 million aggregate annual cap on the number of credits to be distributed, as administered by the Department of Taxation. Any credit not used for the taxable year in which the purchasing price for recycling machinery was paid may be carried over for the next 10 years until the total credit amount is used. (Less)-
Bill History
- 01/17/2025 - Senate: Presented and ordered printed 25104903D
- 01/17/2025 - Senate: Referred to Committee on Finance and Appropriations
- 01/26/2025 - Senate: Impact statement from TAX (SB1433)
- 01/28/2025 - Senate: Stricken at request of Patron in Finance and Appropriations (15-Y 0-N)
