SB277 Summary

• Creates a 10 percent income tax credit against state income tax liability for taxpayers involved in construction relating to national border security, applicable to tax years beginning after December 31, 2018.

• Credit amount equals 10 percent of construction costs relating to national border security borne by the taxpayer.

• Credit must be taken in the tax year when construction costs were incurred and cannot reduce tax liability below zero; credit is not refundable or transferable.

• Department of Revenue shall promulgate rules to implement and administer the credit.

• Becomes effective immediately upon passage and approval by the Governor.