MO HB737

Adds "renewable energy generation zones" as a new type of enhanced enterprise zone that can be designated in blighted areas with unutilized or underutilized land suitable for renewable energy production and generation.

Expands the definition of "renewable energy resource" to include wind, solar, dedicated energy crops, agricultural residues, landfill methane, waste-to-energy conversion, clean wood, hydroelectric power, hydrogen fuel cells, and other department-certified renewable sources.

Defines "hydroelectric power generating equipment" as very-low-head turbine generators with 400-600 kilowatts nameplate capacity and related machinery used in hydroelectric power production, conversion, storage, and transmission.

Allows improvements to real property in renewable energy generation zones to receive property tax exemptions upon approval by local governing authorities, consistent with exemptions available for other enhanced enterprise zone improvements.

Classifies hydroelectric power generating equipment as real property for taxation purposes rather than personal property.