Plain English Breakdown
The bill status shows it passed both chambers and reached final enrollment, but no effective date is listed in the provided metadata or text.
PFAS Removal and Remediation Promotion Act
This bill imposes an excise tax on money from lawsuits or settlements meant to clean up PFAS pollution in land if that money is not used for cleanup.
What This Bill Does
- Imposes an excise tax on judgment proceeds and settlement funds intended for removing or fixing PFAS contamination of land when those funds are unused for that purpose.
- Provides exceptions where the tax does not apply under certain conditions defined by law.
- Requires people who receive these damages to give notice, file returns, and pay the required taxes.
- Allows taxpayers to claim credits against this new excise tax in specific situations.
- Gives state agencies authority to create rules and regulations needed to enforce the tax.
Who It Names or Affects
- People or companies that receive money from lawsuits or settlements for PFAS land contamination but do not use it for cleanup.
- State government agencies responsible for collecting taxes and making new rules about this law.
Limits and Unknowns
- The exact amount of the tax rate is not stated in the provided summary text.
- Specific details about which situations qualify as exceptions to the tax are not listed in this excerpt.
- The official date when this law becomes active has not been set yet.