SB 1343: Income tax credit: sales and use tax paid: natural disasters.

This bill allows taxpayers to claim a credit against their income tax and corporation tax for a taxable year from 2027 to 2032. The credit is for sales tax paid on qualified tangible personal property used to rebuild a primary residence damaged by a natural disaster. Taxpayers can also claim a credit for use tax paid during the same period. The credit amount is equal to the tax reimbursement paid by the taxpayer or a nonprofit housing developer. The bill takes effect immediately as a tax levy.