 | Fiscal NoteH.B. 481 1st Sub. (Buff) 2024 General Session Technology Upgrade Incentives Amendments by Cutler, P (Cutler, Paul.) |  |
| Ongoing | One-time | Total | |
|---|---|---|---|
| Net GF/ITF/USF (rev.-exp.) | $(416,800) | $(46,600) | $(463,400) |
| Revenues | FY 2024 | FY 2025 | FY 2026 |
| Income Tax Fund | $0 | $(365,000) | $(365,000) |
| Income Tax Fund, One-time | $0 | $22,000 | $0 |
| Total Revenues | $0 | $(343,000) | $(365,000) |
Enactment of this legislation could result in reduced revenue to the Income Tax Fund by approximately $343,000 in FY 2025 and approximately $365,000 in FY 2026 resulting from nonrefundable income tax credits for the purchase of locomotive idling reduction devices and alternative fuel heavy duty vehicles.
| Expenditures | FY 2024 | FY 2025 | FY 2026 |
| General Fund | $0 | $51,800 | $51,800 |
| General Fund, One-time | $19,600 | $49,000 | $0 |
| Total Expenditures | $19,600 | $100,800 | $51,800 |
Enactment of this legislation could cost the Department of Environmental Quality $19,600 one-time from the General Fund in FY 2024 and $49,000 one-time from the General Fund in FY 2025 for staff time for initial program implementation and $51,800 ongoing from the General Fund beginning in FY 2025 for staff time for program maintenance.
| FY 2024 | FY 2025 | FY 2026 | |
| Net All Funds (rev-exp) | $(19,600) | $(443,800) | $(416,800) |
Enactment of this legislation likely will not result in direct, measurable costs for local governments.
Enactment of this legislation could result in businesses and individuals which purchase locomotive idling reduction devices or alternative fuel heavy duty vehicles receiving nonrefundable income tax credits equal to up to $15,000 per qualifying purchase made beginning in calendar year 2024; the aggregate income tax reductions are estimated at $343,000 in FY 2025 and $365,000 in FY 2026. Credits an individual or business receives may be lower depending on the actual costs of devices purchased.