RELATING TO HEMP.
What changed between versions
The Green Building Tax Credit administration was transferred from the Director of Taxation to the Board of Agriculture, which now maintains records, verifies costs, and certifies credit amounts.
The Act's effective date was changed from immediate approval to July 1, 2050, while the tax credit eligibility applies to taxable years beginning after December 31, 2025.
The tax credit refund mechanism was modified to allow excess credits to be applied against future tax liabilities rather than providing direct refunds for taxpayers with no liability.
New definitions were added for 'Beverage' and 'Foliage material' to clarify regulatory scope for hemp products.
The definition of 'hemp biomass' was amended to explicitly include stalks and foliage material of the hemp plant.