New Jersey Gov. Phil Murphy this week signed the state’s Low Embodied Carbon Concrete Leadership Act into law.
The bipartisan legislation, which passed the New Jersey House, 74-4, provides corporation business tax and gross income tax credits for costs of preparing environmental product declarations that assess the global warming potential of various concrete mixes and enable comparison of their environmental impacts.
The bill also provides tax credits for the delivery of concrete for use in state construction and improvement projects that has lower carbon emissions associated with its production, including mining, refining, manufacturing or shipping or that utilizes carbon capture, utilization or storage technology to remove or recycle carbon dioxide generated through the manufacturing process.
The announcement signals the Murphy administration’s continued pursuit of a clean energy future through nation-leading innovation and cross-sector collaboration.
The bill was supported by the New Jersey Concrete and Aggregate Association.
“As our efforts to decarbonize our economy become more urgent, we must also ensure that they become increasingly more economically attractive,” Murphy said in a press release. “It’s bills like these that prove that the steps we take to combat climate change can – and will – stimulate economic activity and growth in the industries that remain key to our climate solution.”
“In order to meet our decarbonization goals, we will need new solutions and be able to address all areas of our economy,” Ray Cantor of New Jersey Business & Industry Association said. “We must also incentivize the business community to further use innovative products and processes. This bill does exactly that, by providing tax incentives to developers to use low carbon concrete.”