2.b.iii. Property tax reductions; 2.b.iv. Other tax incentives
CITATION:
2007 Chapter 73 (HB 2419)
STATUS:
Law and implementing regulations are in effect.
TIME FRAME Start:
January 1, 2008
TIME FRAME End:
DESCRIPTION:
The legislation provides incentives for carbon capture and sequestration by allowing any carbon dioxide capture, sequestration and utilization property and any electric generation unit which captures and sequesters all carbon dioxide and other emissions, to be exempt from all property taxes for a period of five taxable years following completion of construction or installation of the property.
Additionally, it provides for a 55 percent amortization tax deduction on state income tax for 10 years.
The tax breaks apply to: “Any carbon dioxide capture, sequestration or utilization property; and any electric generation unit which captures and sequesters all carbon dioxide and other emissions.”
