Senate Bill 0366
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DIGEST OF SB 366 (Updated February 12, 2001 12:56 PM - DI 52)
Sewage disposal system tax credit. Establishes a tax credit for the owners of homes served by sewage disposal systems. Requires that an owner, to be eligible for the credit, must repair or replace a sewage disposal system and must obtain any appropriate permits for the system. Provides that the credit equals 30% of the total repair or replacement costs and is applied against the owner's adjusted gross income tax liability in four equal annual amounts. Provides that the owner may carry over excess credit to succeeding taxable years.
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