SB 772 – Establishes a tax credit for recycling construction waste and directs the Department of Natural Resources to establish and administer construction and demolition waste reduction grants

• Sponsor: McKenna
• LR Number: 3127S.01I
• Committee: Commerce, Energy and the Environment
• Last Action: 1/10/2008 - Second Read and Referred S Commerce, Energy and the Environment Committee
• Journal Page: S74
• Effective Date: August 28, 2008

Current Bill Summary

SB 772 - This act creates a tax credit for expenses incurred in recycling construction waste. The credit shall be equal to 75% of the expenses incurred for recycling the construction waste. The tax credit is non-refundable and non-transferrable but may be carried forward up to three subsequent tax years. The Department of Natural Resources shall administer the tax credit program and shall maintain a list of all taxpayers eligible for the tax credit. The total amount of tax credits issued in any year shall not exceed $1,000,000 and the tax credit program shall sunset after 6 years.

This act also directs the Department of Natural Resources to establish and administer a state-funded grant program for construction and demolition waste reduction.

This act is identical to SCS/SB 220 (2007) and similar to HB 707 (2007).

ERIKA JAQUES