SB 75 Summary

• Expands the income tax credit for investments in qualified clean-burning motor vehicle fuel property to include construction and installation costs for electric vehicle charging systems (both public and private residential).

• Limits the amount of accrued credit for charging system construction and installation costs to no more than 33 1/3% of the total dollar amount that can be claimed in any one taxable year.

• Maintains existing tax credit rates: 50% for vehicle modifications and equipment, 75% for refueling infrastructure, and up to $2,500 for residential natural gas compression equipment.

• Effective date is July 1, 2013, with an emergency clause for immediate implementation upon passage and approval.