House Bill No. [insert bill number] proposes the establishment of a tax credit for the installation of dashboard cameras and telematics systems in freight-carrying vehicles. The bill defines "qualifying equipment" as either a dashboard camera or a telematics system, which is a technology that collects and analyzes data from vehicles. The tax credit will amount to 25% of the total cost incurred for purchasing and installing this equipment in each qualifying vehicle, capped at $250 per vehicle, with a maximum credit of $10,000 per taxpayer per taxable year. Additionally, the total amount of credits granted in any taxable year is limited to $1 million.

The bill outlines that any unused credit can be carried forward for up to five years if it exceeds the taxpayer's tax liability for the year. Taxpayers claiming the credit must maintain records to verify their eligibility and provide them to the Department of Revenue upon request. The provisions of this act will apply to taxable periods beginning on or after January 1, 2026, and no credits may be claimed for taxable years starting after December 31, 2031. The bill is set to take effect on January 1, 2026.