(Connolly D) Personal Income Tax: tax credits: fire-resistant home improvements.

Current Text: Amended: 3/13/2023 

Status: 5/18/2023-Joint Rule 62(a), file notice suspended. In committee: Held under submission.
3/21/2023-In committee: Set, first hearing. Referred to suspense file.

Summary: The Personal Income Tax Law allows various credits against the taxes imposed by that law.

This bill would allow a credit against those taxes for each taxable year beginning on or after January 1, 2023, and before January 1, 2028, to a qualified taxpayer, as defined, in an amount equal to 40% of the taxpayer’s qualified expenses, as defined, not to exceed $400 per taxable year, or $2,000 cumulatively. This bill contains other related provisions and other existing laws.