Bill > HB2471

This bill seeks to eliminate state and county tax credits and subsidies for renewable energy systems, with specific provisions targeting corporations and other entities. The bill defines various types of renewable energy resources, including solar, biomass, geothermal, hydro, and wind energy systems, and introduces significant restrictions on their development. It requires renewable energy system developers to maintain a minimum one-mile setback from residential homes and carry $400 million in liability insurance per 100 acres to cover potential cleanup and restoration costs. The bill instructs the State Tax Commissioner to create rules that eliminate tax credits for corporate renewable energy systems installed after July 1, 2024, while explicitly preserving tax credits for individual homeowners with residential renewable energy systems. The proposed legislation appears aimed at creating substantial barriers to corporate renewable energy development by imposing stringent insurance and distance requirements and removing financial incentives for corporate renewable energy investments, while still allowing individual homeowners to maintain tax benefits for small-scale residential renewable energy installations.