HARTFORD— In the last day of the legislative session the General Assembly passed a tax credit for builders who construct green buildings according to Darien and Rowayton State Rep. Terrie Wood.
The tax credit is for taxpayers who build green buildings which are buildings that meet certain energy and environmental standards. The credits can be taken against the corporation business, insurance company, air carriers, railroad company, utility company, and income taxes. The bill limits the credit for all projects at $ 25 million dollars.
“Connecticut needs to promote the constructing of energy efficient homes and I can think of no better incentive for residents than a green tax credit. The developer can also pass the tax credit along to the buyer,” said Rep. Wood, who is a freshman member of the legislature’s Environment Committee.
The bill entitles eligible projects to a base credit that increases with the project’s rating. It allows additional credits for mixed-use projects and those located in certain areas. Taxpayers can claim 25% of the credit in any tax years, with the remainder allowed to be carried forward for up to five year.
The bill awaits Governor Rell’s signature. If signed the law’s effective date would be July 1, 2009, with the credits applying to income years starting on or after January 1, 2012
Rep. Terrie Wood represents the 141st General Assembly District covering Darien and Rowayton. She serves on the following legislative committees: Education; Environment and Appropriations.