| Summary |
Section 1 of the bill creates a new refundable income tax credit for
income tax years commencing on and after January 1, 2024, but before
January 1, 2033, for the purchase or lease of electric-powered aviation
ground support equipment that is purchased or leased to replace similar
models of gas-powered or diesel-powered aviation ground support
equipment in the amount of 18% of the actual cost to purchase the
equipment that may be claimed by a qualifying taxpayer; except that the
total amount of credits available to be claimed is $250,000 in each tax
year and is available on a first come, first served basis. A qualifying
taxpayer is an aviation business, an airport, or a fixed base operator. Only
one tax credit may be claimed per individual piece of equipment.
Section 2 creates a new refundable income tax credit for income
tax years commencing on and after January 1, 2024, but before January
1, 2033, for an investment made by a qualified investor in a qualified
business that researches, develops, or produces alternative aviation fuels
or alternative aircraft powerplants in the amount of 30% of the
investment; except that the total amount of credits available to be claimed
is capped for each tax year for which the credit is allowed and is available
on a first come, first served basis. The investment must be used by the
qualified business in furtherance of research, development, or production
of alternative aviation fuels or alternative aircraft powerplants. The
executive director of the department of revenue is authorized to
promulgate rules to implement the tax credit, including precertification
of a business as a qualified business eligible to receive a qualified
investment.
|
