Bill
Bill > HB2006
summary
Introduced
01/11/2021
01/11/2021
In Committee
02/02/2021
02/02/2021
Crossed Over
01/29/2021
01/29/2021
Passed
Dead
02/08/2021
02/08/2021
Introduced Session
2021 Regular Session
Bill Summary
Tax exemptions for energy storage systems. Declares that energy storage systems are included in the definition of certified pollution control equipment and facilities, making energy storage systems exempt from state and local taxation. The bill defines "energy storage system" as equipment, facilities, or devices that are capable of absorbing energy, storing it for a period of time, and redelivering that energy after it has been stored. The tax exemption applies only to certain projects with alternating current (AC) storage capacity of more than five megawatts and less than 150 megawatts. Tax exemptions for energy storage systems. Declares that energy storage systems are included in the definition of certified pollution control equipment and facilities, making energy storage systems exempt from state and local taxation. The bill defines "energy storage system" as equipment, facilities, or devices that are capable of absorbing energy, storing it for a period of time, and redelivering that energy after it has been stored. The tax exemption applies only to certain projects with alternating current (AC) storage capacity of more than five megawatts and less than 150 megawatts. The bill also allows localities to assess a revenue share of up to $1400 per megawatt on energy storage systems. The bill provides that on July 1, 2026, and every five years thereafter, the maximum amount of the revenue share that a locality may impose on energy storage systems as well as certain solar energy projects shall be increased by 10 percent. No increase may be made to any revenue share imposed by a locality on a solar energy project or energy storage systems for which an application has been filed with the locality and such application has been approved prior to January 1, 2021. The bill defines energy storage systems as electric suppliers whose property shall be assessed by the State Corporation Commission.
AI Summary
This bill provides tax exemptions for energy storage systems, defining them as equipment, facilities, or devices capable of absorbing, storing, and redelivering energy. The exemption applies to projects with alternating current (AC) storage capacity between 5 and 150 megawatts. The bill also allows localities to assess a revenue share of up to $1,400 per megawatt on energy storage systems, with the maximum revenue share increasing by 10% every five years starting in 2026, except for projects approved before 2021. The bill also defines energy storage systems as electric suppliers whose property shall be assessed by the State Corporation Commission.
Committee Categories
Budget and Finance
Sponsors (4)
Last Action
Continued to 2021 Sp. Sess. 1 in Finance and Appropriations (16-Y 0-N) (on 02/05/2021)
Official Document
bill text
bill summary
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bill summary
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bill summary
| Document Type | Source Location |
|---|---|
| State Bill Page | https://lis.virginia.gov/cgi-bin/legp604.exe?211+sum+HB2006 |
| Substitute for HB2006 Finance, Subcommittee #1 | https://committees.lis.virginia.gov/pdfs/21103350.pdf |
| Substitute for HB2006 Finance, Subcommittee #1 | https://committees.lis.virginia.gov/pdfs/drafts/21103350D.pdf |
| BillText | https://lis.virginia.gov/cgi-bin/legp604.exe?211+ful+HB2006H1+hil |
| Bill | https://lis.virginia.gov/cgi-bin/legp604.exe?211+ful+HB2006H1+hil+pdf |
| Fiscal Note/Analysis - House: Prefiled and ordered printed; offe | https://lis.virginia.gov/cgi-bin/legp604.exe?211+oth+HB2006F161+PDF |
| BillText | https://lis.virginia.gov/cgi-bin/legp604.exe?211+ful+HB2006+hil |
| Bill | https://lis.virginia.gov/cgi-bin/legp604.exe?211+ful+HB2006+hil+pdf |
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