Bill
Bill > SB1201
summary
Introduced
01/11/2021
01/11/2021
In Committee
02/10/2021
02/10/2021
Crossed Over
02/04/2021
02/04/2021
Passed
02/17/2021
02/17/2021
Dead
Signed/Enacted/Adopted
03/11/2021
03/11/2021
Introduced Session
2021 Special I
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 $1,400 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 and allows localities to assess a revenue share on such systems. Specifically:
- It defines "energy storage system" as equipment, facilities, or devices that can absorb, store, and redeliver energy.
- It declares energy storage systems as certified pollution control equipment and facilities, making them exempt from state and local taxation.
- The tax exemption applies to projects with alternating current (AC) storage capacity between 5 and 150 megawatts. The exemption is 80% of assessed value for the first 5 years, 70% for the next 5 years, and 60% thereafter.
- The bill allows localities to assess a revenue share of up to $1,400 per megawatt on energy storage systems. This maximum revenue share can increase by 10% every 5 years, except for projects with applications 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 (1)
Last Action
Governor: Acts of Assembly Chapter text (CHAP0050) (on 03/11/2021)
Official Document
bill text
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