HB 737 Modifies provisions of law regarding property taxes

     Handler: Lager

Current Bill Summary

- Prepared by Senate Research -

SCS/HB 737 - This act modifies provisions of the enhanced enterprise zone program to allow renewable energy generation zones to be designated as enhanced enterprise zones. Upon designation of a renewable energy generation zone as an enhanced enterprise zone, subsequent locally assessed improvements to real property may, upon adoption of an authorizing resolution or ordinance by the governing authority having jurisdiction over such zone, be exempted from real property taxes for up to twenty-five years. The act prohibits the issuance of enhanced enterprise zone tax credits for facilities that produce or generate electrical energy from a renewable energy resource.

The act also classifies hydroelectric power generating equipment as real property for property tax purposes.


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