Bill Text: MA S1324 | 2009-2010 | 186th General Court | Introduced
Bill Title: Establish a groundwater protection tax credit for homeowners
Spectrum: Partisan Bill (Democrat 1-0)
Status: (Introduced - Dead) 2009-01-20 - Public Hearing date 5/27 at 10:00 AM in Hearing Room B2 [S1324 Detail]
Download: Massachusetts-2009-S1324-Introduced.html
The Commonwealth of Massachusetts
_______________
PRESENTED BY:
Anthony W. Petruccelli
_______________
To the
Honorable Senate and House of Representatives of the Commonwealth of
Massachusetts in General
Court assembled:
The undersigned legislators and/or citizens respectfully petition for the passage of the accompanying bill:
An Act establishing a groundwater protection tax credit for homeowners. .
_______________
PETITION OF:
|
Name: |
District/Address: |
|
Anthony W. Petruccelli |
First Suffolk and Middlesex |
|
Carlo P. Basile |
1st Suffolk |
|
Kevin G. Honan |
17th Suffolk |
|
Sonia Chang-Díaz |
Second Suffolk |
The Commonwealth of
Massachusetts
_______________
In the Year Two Thousand and Nine
_______________
An Act establishing a groundwater protection tax credit for
homeowners.
Be
it enacted by the Senate and House of Representatives in General Court
assembled, and by the authority of the same, as follows:
SECTION 1. Chapter 62, Section 6, is hereby amended by adding the following subsection:- “(n) Any owner of residential property located in the commonwealth who is not a dependent of another taxpayer and who occupies said property as his principal residence, shall be allowed a credit equal to 40 per cent of the expenditures for the repair of a private sewer lateral, the installation of an innovative groundwater recharge system, or the inspection or repair of wood pilings used to support the foundation of the property. Said expenditures shall be the actual cost to the taxpayer or $5,000, whichever is less; provided, however, that said credit shall be available to eligible taxpayers beginning in the tax year in which the work was completed; and provided, further, that said credit shall not exceed $1,500 in any tax year and any excess credit may be applied over the following five subsequent tax years up to an aggregate maximum of $6,000. The amount of any such credit shall be reduced by an amount equal to the total grant or subsidy received from any governmental entity, whether directly or indirectly, toward the cost of said expenditures.
The Department of Revenue shall consult with the Department of Environmental Protection in developing rules, regulations and guidelines, including defining eligible projects and costs, for said tax credit.”
