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Tax Credit for Zero-Emission Electric Lawn and Landscape Equipment

This Act establishes a new business tax credit for companies purchasing zero-emission electric lawn, garden, and landscape equipment. The goal is to encourage the adoption of cleaner technologies, potentially improving local air quality and reducing noise pollution in communities. The credit covers 40% of the equipment cost, up to an annual limit of $25,000, directly lowering operating expenses for landscaping businesses.
Key points
New Tax Credit: Businesses can claim a 40% credit on the cost of purchasing zero-emission electric landscaping equipment (e.g., mowers, blowers, batteries).
Credit Limits: The maximum annual credit is $25,000, with an aggregate limit of $100,000 over any consecutive 10-year period.
Covered Equipment: Includes electric-powered equipment (battery, cord, fuel cell), zero-emission generators, separate batteries, and retrofit property to make existing equipment emission-free.
Financial and Environmental Impact: The change aims to reduce investment costs for businesses while promoting the reduction of emissions and noise in urban areas.
Elective Payment and Transfer: The tax credit can be claimed as a direct payment or transferred to another party, increasing flexibility for small businesses.
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Additional Information
Print number: 118_S_4068
Sponsor: Sen. Heinrich, Martin [D-NM]
Process start date: 2024-03-22