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OH HB569
Bill
Status
8/23/2010
Primary Sponsor
John Adams
Click for details
AI Summary
HB 569 Summary
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Allows refundable tax credits equal to 25% of remediation expenditures for taxpayers with covenants not to sue under the Voluntary Action Program, available through voluntary actions initiated by December 31, 2015.
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Provides an additional 25% refundable credit for remediation expenditures when contaminated property is returned to productive use (business operation or certificate of occupancy issued).
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Exempts persons issued covenants not to sue under the Voluntary Action Program from environmental fees and civil/administrative penalties for one year after the covenant is issued, limited to voluntary actions initiated by December 31, 2015.
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Establishes separate credit provisions for pass-through entities (Section 5747.78) and direct taxpayers (Section 5751.54), preventing double-crediting on the same voluntary action.
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Adds the voluntary action credits to the tax credit claiming order under sections 5747.98 and 5751.98 for income and commercial activity tax purposes respectively.
Legislative Description
To authorize refundable tax credits through 2015 for the completion of a voluntary action to remediate a contaminated site and for the return of such sites to productive use, and to exempt persons through 2015 who have been issued covenants not to sue under the Voluntary Action Program from certain fees and penalties for one year after the issuance of such a covenant.
Voluntary remediation of contaminated site-tax credit/exempt from fees & penalties
Last Action
To Ways & Means
8/23/2010