Mobile machinery and equipment; tax credit for purchase.

Tax credit for purchase of mobile machineryand equipment used by road contractors for processing recyclableasphalt materials on pavements and roadways. Creates a nonrefundabletax credit for taxable years 2025 through 2029 in an amount equalto 20 percent of the purchase price paid, as defined in the bill,during the taxable year for machinery and equipment used to reclaim,recycle, or reprocess existing asphalt materials from pavements androadways. The bill requires a taxpayer to submit invoices with anincome tax return verifying the amount of purchase price paid forsuch machinery and equipment. The bill provides a $3 million aggregateannual cap on the number of credits to be distributed, as administeredby the Department of Taxation. Any credit not used for the taxableyear in which the purchasing price for recycling machinery was paidmay be carried over for the next 10 years until the total creditamount is used.