SB 1493 Summary

• Establishes a state highway construction tax credit program administered by the Department of Transportation to finance construction, reconstruction, and renovation of eligible transportation facilities.

• Credits are awarded through competitive public bidding (including online bidding) to the highest qualified bidder, distributed in ten consecutive equal annual installments after project completion, with a minimum bid price requirement to be set by the legislature.

• Credits are transferable between taxpayers with written notice to the Department of Revenue and a processing fee of 1% of credit balance or $200 (whichever is less); transfers do not extend the credit timeline.

• Creates parallel tax credit provisions for both individual taxpayers (section 43-1075) and corporate taxpayers (section 43-1163), allowing allocation among joint participants without regard to proportional interest.

• Credits may be carried forward for up to five consecutive tax years if unused, and are subject to recapture if the winning bidder fails to complete construction or maintain the facility according to contract terms.