(Doc Name COUNCIL\SA\3720C027.BBM.SA17.DOCX):
EXPLANATION:
Amend the bill, as and if amended, Part IB, Section 117, GENERAL PROVISIONS, by adding an appropriately numbered paragraph at the end to read:
/ 117.__. (GP: Energy Resource Exemptions)
In addition to the exemptions allowed pursuant to Section
12-37-220 of the 1976 Code of Laws, for the property tax year
that ends in the current Fiscal Year, the following are exempt
from property tax:
(1) eighty percent of
the fair market value of a distributed energy resource required
to be returned, pursuant to Section 12-37-970, or to be
appraised and assessed pursuant to Section 12-4-540.
(a)
This exemption applies for property that became
operational after property tax year 2012 and only applies for
Fiscal Year 2017-2018. For property that became operational in
property tax year 2013 or 2014, this exemption applies so long
as the property was not subject to a fee in lieu agreement as of
December 31, 2014, pursuant to Chapter 44 of this title, or
Chapter 12 or 29, Title 4. For property that became operational
in property tax year 2015 or 2016, if the property was subject
to a fee in lieu agreement as of December 31, 2016, pursuant to
Chapter 44 of this title, or Chapter 12 or 29, Title 4, then the
property is eligible for the exemption instead of the fee in
lieu agreement so long as the taxpayer notifies the other
parties to the agreement of the 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.
(b)
For purposes of this proviso,
'distributed energy resource' means property that is defined in
Section 58-39-120(C). This definition includes, but is not
limited to, all equipment required to meet all applicable
safety, performance, interconnection, and reliability standards
established by the commission, the National Electrical Code, the
National Electrical Safety Code, the Institute of Electrical and
Electronics Engineers, Underwriters Laboratories, the Federal
Energy Regulatory Commission, and any local governing
authorities; and
(2) renewable energy
resource property for residential use. For purposes of this
proviso, 'renewable energy resource' has the same meaning as
defined in Section 58-40-10, and also has a nameplate capacity
of no greater than twenty kilowatts as measured in alternating
current. /
Renumber sections to conform.
Amend totals and titles to conform.