Reference is to Printer's Date 5/19/16--H.
Amend the committee report, as and if amended, by striking SECTION 1 in its entirety and inserting:
/ SECTION 1. Section 12-37-220(B) of the 1976 Code, as last amended by Act 259 of 2014, is further amended by adding items at the end to read:
"(52) eighty
percent of the fair market value of a renewable energy
generation property required to be returned, pursuant to Section
12-37-970, or to be appraised and assessed pursuant to Section
12-4-540. For purposes of this item, 'renewable energy
generation property' means property that generates electric
power by the use of a renewable energy resource, as defined in
Section 58-40-10(F). This exemption only applies for the ten
consecutive property tax years after the facility becomes
operational, provided, however, that the property became
operational after property tax year 2012 and before property tax
year 2021. For property that became operational in property tax
year 2013 or 2014, this exemption applies for ten consecutive
property tax years beginning in property tax year 2016 so long
as the property was not subject to a fee in lieu agreement as of
December 31, 2014, pursuant to Chapter 44 of the title, or
Chapter 12 or 29 of Title 4. For property that became
operational in property tax year 2015, if the property was
subject to a fee in lieu agreement as of December 31, 2015,
pursuant to Chapter 44 of the title, or Chapter 12 or 29 of
Title 4, then the property is eligible for the exemption so long
as the taxpayer notifies the other parties to the agreement of
such election no later than thirty days after the effective date
of this item, and, upon the expiration of the exemption, at the
taxpayer's discretion, the provisions of the applicable
pre-existing agreement may apply. This exemption applies only
if the property does not meet the exemption of distributed
renewable energy generation property for residential use
provided by item (53). A taxpayer claiming an exemption allowed
by this item also may not claim the exemption, pursuant to
Section 12-37-220(A)(7);
(53) distributed
renewable energy generation property for residential use. For
purposes of this item, 'distributed renewable energy generation
property' means property that generates electric power by the
use of a renewable energy resource, as defined in Section
58-40-10(F), that has a nameplate capacity of no greater than
twenty kilowatts." /
Renumber sections to conform.
Amend title to conform.