HB 1424 -- Taxation:  Credit for Lead Abatement

Sponsor:  Dougherty

This bill authorizes various state tax credits to owners of
certain child-occupied facilities who participate in a lead
abatement project.  The credit may be taken against income tax,
franchise tax, or financial institutions tax.

The credit will be equal to 50% of the lead abatement cost to
the owner and cannot be claimed in more than 2 consecutive
years.  The credit is not refundable but can be carried back for
3 years or forward for 5 years.

The bill requires a tax certificate from the Department of
Health to qualify for the credit.

The credit will apply to tax year 2000 and thereafter.