Businesses could claim credits for approved public infrastructure work

Business organizations would be allowed to claim a tax credit for qualifying off-site infrastructure improvements. The improvements must be built or funded by a business organization, directly benefit the public, and receive municipal approval. The credit could not exceed the organization’s tax liability for a given year. Unused credit could be carried forward for up to 20 years. The Department of Revenue Administration would set rules for documenting and verifying improvements and calculating the credit. If enacted, the act would take effect on April 1, 2027. The bill does not specify the first taxable period in which businesses could claim the credit.