This bill establishes a corporation business tax credit for taxpayers who either construct new green warehouses or retrofit existing warehouses to meet specific green building standards. The credit is set at 25% of the allowable costs incurred during the privilege period for these projects. The bill defines a "green warehouse" as a high-performance building that meets certain sustainability criteria, including achieving a silver rating from the Leadership in Energy and Environmental Design (LEED) or a two-globe rating from the Green Globes Program. The Department of Community Affairs will oversee the issuance of eligibility certificates required for taxpayers to claim the credit.

To qualify for the credit, taxpayers must obtain an eligibility certificate from the Department of Community Affairs, which requires documentation such as a certification from a licensed architect or engineer confirming the warehouse's compliance with green standards. The bill also outlines the process for claiming the credit, including the need to maintain records and report information to the relevant departments. Additionally, it specifies that the credit cannot exceed 50% of the tax liability and includes provisions for transferring credits in the event of property sales. The act is set to take effect 180 days after its enactment.