Establishes a tax credit for residential fuel oil storage tank replacement and directs assistance for eligible households.
The bill establishes a tax credit for the removal or permanent closure of existing below-ground or above-ground residential fuel oil storage tanks and the installation of a new tank. The credit is limited to $500. To qualify, the replacement tank must be of a design approved by Underwriters Laboratories (U.L.), including steel tanks with polyurethane exterior coatings or double-bottom leak protection systems, among others.
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