Summary of SB14-073

• Creates a state income tax credit for taxpayers who remediate contaminated property, allowing 40% credit on the first $750,000 in remediation costs and 30% on the next $750,000, with a maximum credit of $1.5 million per project for tax years 2014-2022.

• Permits taxpayers to transfer unused tax credits to other taxpayers and allows qualified entities (counties, cities, nonprofit organizations) to transfer expense amounts to taxpayers as transferable credits.

• Requires Department of Public Health and Environment to issue certificates before credits can be claimed, with a $3 million annual cap on total certificates issued statewide and a one-year wait list for claims exceeding the cap.

• Credits must be applied within the tax year following certification and can be carried forward up to five years if the credit exceeds tax liability; the transferor serves as tax matters representative for any transferred credits.

• Repeals the credit program effective December 31, 2029, and appropriates $58,710 to Department of Revenue and $20,000 to Department of Public Health and Environment for implementation costs.