Income and corporation taxes: credits: diesel particulate matter reduction.

The Personal Income Tax Law and the Bank and Corporation Tax Law authorize various credits against the taxes imposed by those laws. This bill would allow a credit for taxable years beginning on or after January 1, 2009, and before January 1, 2019, in an amount equal to 5% of the amount paid or incurred for qualified property, as defined, not to exceed $10,000, that is used to meet diesel particulate matter reduction requirements. This bill would take effect immediately as a tax levy.