HB946

Establishes a carbon displacement tax credit for local goods that replace imported products.

The bill creates a tax credit for local goods that displace imported products, aiming to reduce greenhouse gas emissions by minimizing transportation distances and fuel usage. The Department of Business, Economic Development, and Tourism will issue carbon displacement certificates based on the greenhouse gas emissions factor and carbon cost rate. To qualify, goods must be substantially similar to imported products, with at least 50% of the value added occurring within the state and a reasonable market share displaced.