CORREA HAILS SENATE COMPANION TO HIS LEGISLATION SUPPORT LOCAL SMALL BUSINESSES, FIGHT AGAINST CLIMATE CRISIS

March 29, 2024

CORREA HAILS SENATE COMPANION TO HIS LEGISLATION SUPPORT LOCAL SMALL BUSINESSES, FIGHT AGAINST CLIMATE CRISIS

Introduced by Sens. Heinrich, Butler, Following Correa's Lead, Bill Will Establish Tax Credit To Support Small Businesses, Including Landscapers and Lawn Care, Meet Evolving Market, Climate Demands

WASHINGTON - Today, U.S. Senators Martin Heinrich (D-NM) and Laphonza Butler (D-CA) introduced companion legislation in the U.S. Senate to Representative Lou Correa's (D-CA)Promoting Reduction of Emissions Through Landscaping Equipment Act, legislation to create a federal tax credit to enable local small businesses, including landscaping and lawn care businesses of all sizes, to transition to zero-emission equipment more easily and without financial burden. Correa first introduced the legislation, H.R.6013 which now has 17 cosponsors, in the U.S. House of Representatives in October 2023.

"When I first introduced this legislation in the House, I did so to make sure that small business owners in our community would not be left behind as we continue our transition toward cleaner, greener energy sources," said Correa."Many of these small businesses are firms with just one owner and a handful of employees right here on Main Street-who don't have the financial wiggle room to leave behind their gas- and diesel-powered equipment. They desperately need our support, and I'm honored to have Senators Heinrich and Butler join me in this fight-to turn these small businesses into leaders of the green economy transition, lower costs for working families, and ensure clean air for our children."

Specifically, the Promoting Reduction of Emissions through Landscaping Equipment Act would:

• Amend the Internal Revenue Code of 1986 to establish a tax credit for local small businesses, including landscaping and lawn care businesses, to help businesses recoup the difference in costs from purchasing zero-emission equipment.
• Provide a 40% tax credit on the purchase of zero-emission equipment, such as mowers, leaf blowers, hedgers, and accessories up to $25,000 every year and up to $100,000 over the course of 10 consecutive years.
• Apply the new tax credit to any equipment purchased on or after January 1, 2023, also extend to retrofitting equipment that transforms gas-powered devices to zero-emission machines.

"Small businesses are the backbone of our economy in New Mexico. And right now, they're getting hit by rising costs,"said Heinrich."I'm proud to introduce this legislation to ease the financial burden on small businesses through a tax cut to purchase new zero-emission equipment. By helping businesses transition to electric lawn care equipment, we're protecting workers' health, reducing pollution, and growing our economy of the future."

"Landscaping and lawn care businesses across California have an opportunity to help our environment, while also benefiting financially,"said Butler."This bill would move us away from the loud, pollution-filled landscaping machines we are used to and more towards our national climate goals while giving small businesses a financial boost."

You can read Correa's original announcement of this legislation HERE. You can also read the full text of the Senate companion to his legislation HERE.

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