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2003 -- H 5719 | |
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LC01380 | |
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STATE OF RHODE ISLAND | |
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IN GENERAL ASSEMBLY | |
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JANUARY SESSION, A.D. 2003 | |
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A N A C T | |
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RELATING TO LEAD PAINT -- STATE INCOME TAX CREDITS | |
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Introduced By: Representatives Handy, McCauley, Shavers, Almeida, and E Coderre | |
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Date Introduced: February 11, 2003 | |
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Referred To: House Finance | |
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It is enacted by the General Assembly as follows: | |
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SECTION 1. Chapter 44-30 of the General Laws entitled "Personal Income Tax" is |
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hereby amended by adding thereto the following section: |
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44-30-98. Lead paint tax credit. -- There shall be an income tax lead paint credit for |
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removing lead from residential units in the state of Rhode Island. The income tax credit shall |
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equal the cost of deleading the premises, or one thousand five hundred dollars ($1,500), |
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whichever is greater. An interim lead paint credit in an amount not to exceed five hundred dollars |
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($500) shall also be available for measures controlling lead paint on a temporary basis. Said |
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interim credit shall be deducted from any future lead paint tax credit. Interim measures are those |
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activities necessary to address an urgent lead hazard until full compliance is realized. |
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The lead paint tax credit shall only apply to residential premises. Residential premises |
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shall include single-family homes, condominiums, and individual units in either apartment |
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buildings or multi-family homes. Deleading the premises shall mean removing or covering |
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contaminated areas of paint, plaster or other materials. |
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In order to qualify for the lead paint tax credit, a residential unit must: |
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(1) be inspected by a building official from the city or town in which it is located prior to |
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any work being done to certify the existence of contaminated areas; and |
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(2) interim measures and deleading procedures must be performed by a qualified |
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individual, pursuant to regulation; and |
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(3) the property must be reinspected by a building inspector for the city or town in which |
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it is located to certify all dangerous levels of lead paint have been properly deleaded; and |
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(4) if the lead paint tax credit is larger than the amount owed in income taxes for the state |
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of Rhode Island, taxpayers may carry the unused portions of their original credit for up to seven |
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(7) years. |
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SECTION 2. This act shall take effect upon passage. |
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LC01380 | |
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EXPLANATION | |
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BY THE LEGISLATIVE COUNCIL | |
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OF | |
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A N A C T | |
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RELATING TO LEAD PAINT -- STATE INCOME TAX CREDITS | |
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This act would provide for an income tax credit for lead paint abatement and lead paint |
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control measures in residential dwellings. |
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This act would take effect upon passage. |
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LC01380 | |
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