NEW JERSEY – Governor Phil Murphy Monday signed bill S287, which provides corporation business tax (CBT) and gross income tax credits for costs of preparing environmental product declarations that assess the global warming potential of various concrete mixes and enable comparison of their environmental impacts.
The bill further provides tax credits for the delivery of concrete for use in state construction and improvement projects that has lower carbon emissions associated with its production, including mining, refining, manufacturing, or shipping, or that utilizes carbon capture, utilization, or storage technology to remove or recycle carbon dioxide generated through the manufacturing process.
The announcement signals the Murphy Administration’s continued pursuit of a clean energy future through nation-leading innovation and cross-sector collaboration.
“As our efforts to decarbonize our economy become more urgent, we must also ensure that they become increasingly more economically attractive,” Murphy said. “It’s bills like these that prove that the steps we take to combat climate change can – and will – stimulate economic activity and growth in the industries that remain key to our climate solution. Together with the Clean Buildings Working Group I unveiled in October, this legislation will further support the construction of greener, cleaner buildings and roadways in New Jersey.”
“In order to meet our decarbonization goals, we will need new solutions and be able to address all areas of our economy,” said Ray Cantor, Deputy Chief Government Affairs Officer, New Jersey Business & Industry Association. “We must also incentivize the business community to further use innovative products and processes. This bill does exactly that, by providing tax incentives to developers to use low carbon concrete. We thank the sponsors and Governor Murphy for advancing this legislation.”