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OH HB10
Bill
Status
1/11/2011
Primary Sponsor
John Adams
Click for details
AI Summary
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Authorizes refundable tax credits for voluntary remediation of contaminated sites through December 31, 2017, with credits equal to 25% of remediation expenditures for taxpayers and pass-through entities receiving covenants not to sue.
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Provides an additional 25% refundable tax credit when remediated property is returned to productive use (business operations or certified occupancy).
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Exempts persons who receive covenants not to sue under the Voluntary Action Program from environmental law fees and penalties for one year following covenant issuance, if the voluntary action was initiated by December 31, 2017.
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Establishes that voluntary actions are initiated upon commencement of a Phase I property assessment under Ohio's Voluntary Action Program (Chapter 3746).
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Prohibits claiming credits under both the income tax provisions (section 5747.78) and the corporation franchise tax provisions (section 5751.54) for the same voluntary action.
Legislative Description
To authorize refundable tax credits through 2017 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 2017 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.
Environmental voluntary actions-tax credit/exemption from fees/penalties
Last Action
To Ways & Means
1/11/2011