Bill > H2681

This bill modernizes the renewable energy property tax exemption by updating existing provisions in chapter 59 of the General Laws. Specifically, it introduces new categories for solar and wind-powered systems: Forty-fifth B exempts systems with an electricity generating capacity of 60 kilowatts or less, while Forty-fifth C provides an exemption for 85% of the appraised value for systems exceeding 60 kilowatts, with an option for owners to enter into a payment in lieu of taxes (PILOT) agreement with the municipality instead of receiving the full exemption. These PILOT agreements must be the result of good faith negotiations and equivalent to the full property tax obligation, with the negotiated amount being factored into local tax calculations. The exemption under this clause will be allowed for twenty years from installation. Additionally, the bill mandates that the division of local services within the department of revenue study the impact of these changes on municipal revenues and report its findings within four years of the act's effective date.