HB1319: Beneficial hardwood management practices; creates a nonrefundable income tax credit.

Legislative Summary

Beneficial hardwood management practices. Creates a nonrefundable income tax credit for taxable years 2022, 2023, and 2024 for expenses incurred by a taxpayer for the implementation of beneficial hardwood management practices. The credit equals the lesser of the actual expenses or $1,000 and is subject to an aggregate annual cap of $1 million per taxable year. The bill requires the Tax Commissioner, in coordination with the State Forester, to establish guidelines for claiming the credit and provides that any unused credit may be carried forward by the taxpayer for five taxable years following the taxable year for which the credit was issued. Beneficial hardwood management practices. Creates a nonrefundable income tax credit for taxable years 2022, 2023, and 2024 for expenses incurred by a taxpayer for the implementation of beneficial hardwood management practices. The credit equals the lesser of the actual expenses or $1,000 and is subject to an aggregate annual cap of $1 million per taxable year. The bill requires the Tax Commissioner, in coordination with the State Forester, to establish guidelines for claiming the credit and provides that any unused credit may be carried forward by the taxpayer for five taxable years following the taxable year for which the credit was issued.