SB 881 – Creates a tax credit for purchases of processed biomass engineered fiber fuel

• Sponsor: Pearce
• LR Number: 6109S.01I
• Committee: Ways and Means and Fiscal Oversight
• Last Action: 3/8/2012 - Second Read and Referred S Ways and Means and Fiscal Oversight Committee
• Journal Page: S434
• Effective Date: August 28, 2012

Current Bill Summary

SB 881 - This act creates a state income tax credit for the purchase of processed biomass engineered fiber fuel. The credit is non-transferrable and non-refundable, but may be carried forward up to four years. The credit will be based upon a percentage of the purchase price of the biomass. In the first year biomass is purchased and used, the tax credit will be equal to thirty percent of the purchase price. Each subsequent year in which biomass is purchased and used the tax credit will be equal to five percent less than the preceding year's credit such that by the sixth year in which biomass is purchased and used, no credit will be issued.

This act is similar to House Bill 1069 (2012), Senate Bill 635 (2010), Senate Bill 420 (2009), and House Bill 809 (2009).

EMILY KALMER