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2016 Regular Session



Income Tax Credit - New Dwellings - Automatic Fire Sprinkler Systems

Sponsored by:

Delegate Sample-Hughes


In the House - Favorable with Amendments Report by Ways and Means

Synopsis:Allowing a record owner of a specified new dwelling to claim a credit against the State income tax in an amount equal to $1.25 for each square foot of the new dwelling if a specified automatic fire sprinkler system is installed in the new dwelling; requiring the State Fire Marshal to approve applications for the credit in a specified manner; limiting the total amount of credits that may be approved to $1,000,000 in any taxable year; applying the Act to all taxable years beginning after December 31, 2015; etc.
Analysis:Fiscal and Policy Note
All Sponsors:Delegates Sample-Hughes, Anderson, Anderton, B. Barnes, Fennell, Gaines, Holmes, Hornberger, C. Howard, Jackson, Lam, Mautz, Patterson, Pena-Melnyk, Platt, Proctor, B. Robinson, Smith, Sydnor, Tarlau, Vaughn, Waldstreicher, and West
Additional Facts:Cross-filed with: SB0728
Bill File Type: Regular
Effective Date(s): July 1, 2016
Ways and Means  View Committee Hearing
Broad Subject(s):Taxes - Income
Narrow Subject(s):Fire Protection
Housing -see also- Apartments; Condos; Mobile & Manuf Homes
Income Tax
Statutes:Article - Tax - General

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October 24, 2017 5:04 P.M.