Establishes an exemption from taxation for energy-related public utility real property related to attaining state climate goals; provides that such exemption shall remain in effect until it is retired or removed from service.
Provides an exemption for the sale of the first $35,000 for a battery, electric, or plug-in hybrid electric vehicle from state sales and compensating use taxes; authorizes local governments to elect such incentives; repeals the hybrid exemption after ten years.
This bill creates tax-advantaged "small business savings accounts" for eligible small businesses. It allows businesses with 25 or fewer full-time employees and under $250,000 annual net income to deduct up to 10% of their prior year's gross profits as contributions. Qualified distributions during economic hardship (defined by GDP declines or disaster declarations) are tax-free if reinvested for job retention/creation, with an 8-year limit on qualifying uses. Non-qualified distributions are taxable, and accounts pledged as loan security lose tax benefits. The law takes effect for tax years beginning after 2025.
This bill increases the state excise tax on cigarettes from $5.35 to $6.24 per 20 cigarettes (or $1.33 per 5 cigarettes beyond the first 20). It directly affects cigarette sellers and consumers within the state, applying to all cigarette sales except those to qualified Native American tribes for personal use on reservations, to the U.S. government, or to military organizations under federal regulations. The tax is collected via affixed stamps, with tribes having the option to use a tax exemption coupon system for sales to non-members or non-Indians on reservations. The change takes effect immediately upon enactment.
This bill provides a tax abatement for owners of electric energy storage equipment (like batteries) placed in service between January 1, 2027, and January 1, 2029. It allows a tax reduction equal to 10% of eligible equipment costs, capped at $62,500 per year, for up to the compliance period. The abatement applies to property taxes and is separate from existing solar energy incentives. It directly affects businesses and property owners investing in grid-stabilizing energy storage systems during this specific two-year window.
Creates a small business renewable tax credit; provides the term "business related renewable energy usage" shall refer to renewable power usage used to further the economic activity of the taxpayer at the primary business location that is clearly delimited from any shared renewable energy power usage cost.
Authorizes the abatement of real property taxes in certain cases of catastrophic loss; establishes procedures therefor; limits eligibility to one, two, or three family houses; applies to all municipal and school taxes.
Establishes a historic wood window rehabilitation and energy retrofit tax credit of up to 25% of the expenditures paid or incurred within the five years preceding the year in which the tax credit is applied.
Establishes an agrivoltaic production tax credit for farmers who manage a farm operation that is situated wholly or in part within one or more qualified agrivoltaic facilities.
Relates to establishing an abatement and exemption from real property taxes for capital improvements to reduce carbon emissions; establishes an energy efficiency improvement board to approve the abatements and exemptions.
