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SB 437 - This act specifies that renewable energy resource property will be considered tangible personal property for property tax purposes. Renewable energy resource property includes: solar energy equipment; biomass property; and wind energy conversion property. The act provides a mechanism for determining the true value in money for renewable energy resource property and creates a separate subclass of tangible personal property for such property which will be taxed at fifteen percent of true value. The act will not apply to property placed into service before January 1, 2010. JASON ZAMKUS
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