HB 7055 Summary

• Establishes a brownfield remediation tax credit program allowing owners to receive tax credits up to $2 million (or 50% of qualified expenditures, whichever is less) for investigating and remediating contaminated properties, with credits available annually up to $20 million through fiscal year 2021.

• Authorizes $100 million in state bonds for the remedial action and redevelopment municipal grant program and targeted brownfield development loan program under the Department of Economic and Community Development.

• Expands renewable energy credit procurement to include small solar and renewable energy systems located on remediated brownfields or solid waste disposal areas, eligible for competitive pricing plus 10% incentive.

• Enhances angel investor tax credits to 33% for investments in bioscience, clean technology, or cybersecurity businesses, and increases fixed capital investment credits to 10% for these same emerging technology sectors.

• Creates tax credit opportunities for qualified corporations in distressed municipalities engaged in bioscience, clean technology, or cybersecurity, and establishes new loan and grant programs for small businesses through the Small Business Express program.