Bill Summary: SB 00290

• Eliminates property tax exemption for Class I renewable energy sources participating in virtual net metering, effective for assessment years beginning October 1, 2020

• Maintains existing exemptions for residential and farm solar installations (single-family dwellings, 2-4 unit multifamily buildings, and farms) installed on or after October 1, 2007

• Preserves exemptions for commercial/industrial renewable energy installations in distressed municipalities (population 125,000-135,000) installed on or after January 1, 2010, provided nameplate capacity does not exceed location load

• Allows municipalities to abate up to 100% of property taxes for Class I renewable energy sources under power purchase agreements approved by the Public Utilities Regulatory Authority, for terms matching the agreement length

• Requires property owners claiming exemptions to file written applications annually by November 1st and re-file if any alterations requiring building permits are made