HB3120 Summary

• Changes Division 18 of Article 10 of the Property Tax Code from "Wind Energy Property Assessment" to "Renewable Energy Property Assessment" to include solar energy devices alongside wind energy devices.

• Defines "solar energy device" as a single device with at least 0.5 megawatts nameplate capacity using photovoltaic cells to convert solar energy to electricity not primarily consumed by the device owner.

• Sets solar energy device real property cost basis at 20% of original cost reduced by investment tax credits, production tax credits, or cash grants certified by the Department of Revenue.

• Extends the applicability period of these assessment provisions from 2007-2016 to 2007-2026 for both wind and solar energy devices.

• Requires solar energy device owners to provide documentation to the Department of Revenue within 60 days of construction completion, with the Department certifying the cost basis within 60 days of receiving documentation.