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House OKs public facility tax credit bill
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Posted on May 23 2006
The House of Representatives approved on Monday a measure that would provide tax incentive for people and businesses who donate to public facilities.
If enacted, House Bill 15-101 would be effective through the end of December 2006.
Authored by Rep. Absalon Waki Jr., the proposed legislation aims to generate funding for the routine maintenance and improvement of the Commonwealth’s public facilities.
The bill notes that the deteriorating state of public facilities negatively affect local residents and the tourism industry. It adds that private individuals and businesses have expressed interest in providing cash contributions for the maintenance of public facilities.
“[P]roviding a tax incentive for these individuals and businesses to donate is an appropriate use of the Legislature’s revenue power,” the measure states.
The bill covers public facilities such as public parks, beaches, playgrounds, schools, libraries, and meeting areas. It excludes government office buildings or any government-owned property that are not used by the public for the purposes of education or recreation.
The sunset provision sets a Dec. 31, 2006, expiration for the bill. It also requires the Finance secretary to submit a detailed report on the impact and benefits of the measure to the Legislature by Jan. 30, 2007.
