House, No. 3815

By Mary S. Rogeness

An Act for legislation to grant an income tax credit for the removal of oil tanks.

SECTION 1.  Section 6 of chapter 62 of the General Laws is hereby amended adding at the end thereof the following subsection: -

Any owner of residential property located in the commonwealth who is not a dependent of another taxpayer and who occupies said property as his principal residency, shall be allowed a credit equal to 40% of the expenditures for all expenses associated with the removal of a failed or abandoned storage tank for home heating oil. Said expenditure shall be the actual cost to the taxpayer or $15,000, whichever is less; provided, however, that said credit shall be available to eligible taxpayers beginning on the tax year in which the removal of said oil tank was completed; provided, further, that said credit shall not exceed $1,500 in any tax year and any excess credit may be applied over the following five subsequent tax years. The department shall promulgate such rules and regulations as are necessary to administer the credit afforded by this section.

SECTION 2.  The provisions of this act shall apply to taxable years beginning on or after January 1, 2007.