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Senate Co-Sponsorship Memoranda
Senate of Pennsylvania
Session of 2015 - 2016
Regular Session
MEMORANDUM
| Posted: | December 9, 2014 04:15 PM |
|---|---|
| From: | Senator Matt Smith |
| To: | All Senate members |
| Subject: | Green Roof Tax Credit |
| In the near future, I plan to reintroduce SB 239 of the 2013-2014 legislative session. This legislation would amend the Tax Reform Code to establish a Green Roof Tax Credit. Generally, a green roof consists of vegetation planted in soil over a waterproof membrane. Besides being aesthetically pleasing, green roofs provide environmental and economic benefits. Such environmental benefits include the absorption of air pollutants, the reduction of urban heat islands by providing shade, and the reduction of sewage system loads through assimilation of large amounts of rainwater. Furthermore, green roofs protect underlying roofing material by eliminating a roof’s exposure to ultraviolet rays and harsh temperature fluctuations. Green roofs also serve as living environments for birds and other small animals, reduce noise pollution, and insulate a building from extreme temperatures. The green roof tax credit provides a monetary incentive for individuals and businesses to build and maintain green roofs. Individual applicants can receive relief against the personal income tax of up to 25% of construction and maintenance costs incurred, with a maximum of $100,000 annually, for up to six years. Business applicants can receive relief against the sales, franchise, or corporate net income tax of up to 25% of construction and maintenance costs incurred, with a maximum of $100,000 annually, for up to six years. Finally, my legislation creates oversight mechanisms for the Department of Revenue, which include limitations on the tax credit, as well as credit clawback provisions. This tax credit is capped at $10 million annually. Previous co-sponsors include Kasunic, Fontana, Yudichak, Brewster, Washington, Ferlo, Tartaglione, Farnese and Costa. Please join me in co-sponsoring this important legislation. If you have any questions about this legislation, please contact my office at 717-787-5839. |
Introduced as SB242