HB 555

Bill Subjects

Environment And Conservation Hazardous Materials State Agencies Taxation Taxation, Income--Corporate Taxation, Income--Individual

Abstract

Create a new section of KRS Chapter 141 to define terms for the section and establish the decontamination tax credit; make credit available for taxable years beginning on or after January 1, 2022, but before January 1, 2032; declare credit to be refundable and to be applied against taxes imposed by KRS 141.020 or 141.040 and 141.0401; make credit equal to the amount of expenditures made by the taxpayer for the remediation of the contaminated property but not to exceed $30,000,000; allow 25% of the credit to be taken in one taxable year and to be taken for a period of no more than 4 taxable years; create a new section of Subchapter 1 of KRS Chapter 224 to provide establishment of the application and approval process through the Energy and Environment Cabinet; permit applications to be submitted on or after January 1, 2022; amend KRS 141.0205 to provide for ordering of the refundable tax credit; amend KRS 131.190 to allow the Department of Revenue to report on this tax credit pursuant to the reporting requirements in Section 1 of this Act.