Amend the bill, as and if amended, by striking SECTION 2 and inserting:
/ SECTION 2. Section 12-37-220(B) of the 1976 Code is amended by adding appropriately numbered items at the end to read:
"( ) notwithstanding the provisions of Section 12-37-950, a leasehold interest conveyed by the South Carolina Public Service Authority for residential use. The exemption allowed by this item only applies to the land and does not apply to any structures or other improvements situated on the land. The exemption allowed by this item extends to that leasehold interest, if subsequently assigned, if the leasehold agreement allows assignment.
( ) 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 2017 and only applies for the twenty consecutive property tax years after the distributed energy resource becomes operational. This exemption only applies if the taxpayer elects not to take any additional exemptions as defined in Section 4-12-30. Renewable energy properties that have an executed fee in lieu agreement are not eligible for this exemption;
(b) for purposes of this item, '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;
( )(a) effective for property tax years beginning after 2017, a renewable energy resource property having a nameplate capacity of and generating no greater than twenty kilowatts, as measured in alternating current;
(b) for purposes of this item, 'renewable energy resource' means property that is defined pursuant to Section 58-40-10(F). This definition includes, but is not limited to, all components that enhance the operational characteristics of the generating equipment, such as an advanced inverter or battery storage device, and equipment required to meet all applicable safety, performance, interconnection, and reliability standards established by the commission, the National Electrical Code, the National Electric Safety Code, the Institute of Electrical and Electronics Engineers, Underwriters Laboratories, the Federal Energy Regulatory Commission, and any local governing authorities." /
Renumber sections to conform.
Amend title to conform.